Homeownership Set-Aside Program
First State partners with FHLBank to offer the Homeownership Set-Aside Program (HSP) to assist low- and moderate-income first-time homebuyers.
The HSP provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% of the Area Median Income for households purchasing or constructing homes in Nebraska. The HSP is provided to households as a forgivable grant with a five-year retention period.
2025 HSP Details
- Applications open March 3, 2025.
- Maximum subsidy per household: up to $15,000.
- Must be a first-time homebuyer.
- Reservations will be accepted on first-come, first-served basis. Total grant funds available will be advanced in 4 increments on the following dates: March 3, April 1, May 1, June 2.
- A 3-5% down payment, plus closing costs required. HSP grant funds can be used to help with this cost.
- Income limits vary by county. Household income must be at or below 80% of the Area Median Income (AMI).
To get started, reach out to a mortgage expert or apply online and we’ll walk you through the HSP process.
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Subject to credit approval. Subject to terms and conditions of the FHL Bank Homeownership Set-Aside Program, including borrower eligibility requirements. Reservations are accepted on a first-come first-served basis, subject to limits through November 28, 2025. If program guidelines are not met, the subsidy may need to be repaid.