Home Improvement Program

Learn more about why you should work with NFC on your home improvement project.

THE NFC ADVANTAGE

  • Up to $10,000 in forgivable funds for home improvements
  • Rehab funds & closing cost assistance is a 5 year forgivable mortgage
  • Rehab funds for major repairs and health and safety items, such as:
    • New roof
    • Furnace and AC
    • Electrical and Plumbing updates
    • Repair or build garage (24 x 24 max)
    • Windows
  • Bids for home improvements to be obtained by home owner
  • A portion of the home improvement costs will be repaid (based on household income), and the other portion will be forgiven (25%, 33% or 50%)
  • 5% equity required
  • Competitive Fixed Interest Rate
  • Terms of 5, 10, 15, 20 or 30 years
  • 1 year ownership in property required
  • NFC now accepts Master Card, Visa and Discover for the application fee
  • The  maximum NFC 1st mortgage is $180,000 (up to 80% LTV).  The maximum NFC 2nd mortgage, accompanying the 1st mortgage, is $45,000 (up to 15% LTV).  NFC's maximum borrowed amount, not including the forgivable loan, is $225,000. 

Note: The home must be in one of the Green or Orange NFC Lending areas.

Our program is intended to improve neighborhoods and increase owner occupied home ownership; therefore, you must occupy the property and cannot own any other residential property within Polk County or the surrounding counties.

Please contact our Loan Originators for details.

Our homebuyers will get bids from independent contractors to do the proposed home improvements. The Bid Process provides guidelines for the homebuyer, the realtors and the independent contractors.

Property repairs and improvements can NOT be completed prior to closing on the NFC loan.  NFC will NOT reimburse for work completed prior to the NFC loan closing.

Recently, a contractor mailed a flyer to neighborhood residents, noting they were a preferred contractor of NFC.  NFC does not have a preferred contractor list.  Please call us for additional information.

Our Rates and Calculators section provides today's interest rates and affordability, mortgage payment and amortization schedule calculators.

PLEASE NOTE: NEIGHBORHOOD FINANCE CORPORATION DOES NOT MAKE ANY GUARANTEE THAT THE POTENTIAL BORROWER WILL QUALIFY FOR A MORTGAGE BASED ON ANY BALANCES OR CALCULATIONS INPUT TO ANY OF THE CALCULATORS. TO PREQUALIFY FOR A MORTGAGE, THE POTENTIAL BORROWER MUST COMPLETE THE PREQUALIFICATION FORM AND BRING IT AND THE APPROPRIATE SUPPORTING DOCUMENTS TO NFC. A LOAN ORIGINATOR WILL REVIEW THE POTENTIAL BORROWERS MATERIALS AND REQUEST A CREDIT REPORT. USING ALL OF THESE DOCUMENTS, AND POSSIBLY OTHERS, THE LOAN ORIGINATOR WILL DETERMINE THE POTENTIAL BORROWERS LOAN ELIGIBILITY.