Purchase Programs

Home Purchase

Below is information related to NFC's loan program.

THE NFC ADVANTAGE

Up to $10,000 in forgivable funds for home improvements
Closing cost assistance of $2,000 or $2,500 available in most of lending areas
Maximum loan amount $175,000
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’)
- Windows
Bids for home improvements to be obtained by home owner
5% down payment
No private mortgage insurance
Competitive Fixed Interest Rate
NFC now accepts Master Card, Visa and Discover for the application fee

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

NFC must be used to finance your home purchase to receive up to $10,000 for home improvements

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.

Karen Riccelli, Loan Originator #29833, 288-5626 ext. 211 | email
Joni Norman, Loan Originator #26251, 288-5626 ext. 209 | email

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.

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

DOWNSIZING PROGRAM

Finance and downsize multi-family homes back to a single-family dwelling
A home in an NFC lending area and finance with NFC
Up to $20,000.00 rehabilitation subsidy, in the form of a 10-year forgivable loan
Subsidies are a second mortgage, forgiven over a 10-year period, prorated 10% per year of the owner’s occupancy
NFC inspection will be completed to determine repair requirements
The subsidy is to be used to address deferred maintenance items

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 BORROWER’S MATERIALS AND REQUEST A CREDIT REPORT. USING ALL OF THESE DOCUMENTS, AND POSSIBLY OTHERS, THE LOAN ORIGINATOR WILL DETERMINE THE POTENTIAL BORROWER’S LOAN ELIGIBILITY.