The NFC Advantage:
Up to $12,500 in subsidies you may not have to repay! When you qualify for an NFC loan, you'll receive a subsidy of up to $10,000 to help pay for property repairs and improvements. Eligible home buyers also receive a subsidy up to $2,500 to assist with down payment and/or closing costs. Because these subsidies are paired with your NFC loan, you can do more than if you obtained a traditional loan elsewhere. Your loan works harder for you at NFC.
Please note that you MUST get your purchase loan through NFC to be eligible to get up to the full $10,000 forgivable. You CANNOT get your loan to purchase your home through another lender and then come to NFC for only the $10,000 forgivable. NFC's forgivable loans are only for those who get their loan to be repaid through NFC. Please call or email our Loan Originators for details.
The key to any of our loan programs is that the borrower must be looking at buying, improving or refinancing a home in one of our lending areas. Next, the prospective homebuyer (or current homeowner in a home improvement or refinance situation) must complete a prequalification form (please allow sufficient time for this to download) and bring the supporting documentation to NFC, at 1912 6th Avenue (one block south of the Hickman and 6th Avenue intersection), Des Moines. With NFC’s home purchase, home improvement or refinance programs, the homebuyer can receive a subsidy towards property rehabilitation/repairs and closing costs. This is not an income-based program; rather, this is a program that is intended to strengthen neighborhoods by improving property values, and providing the homebuyer with the assistance to accomplish this.
Looking to refinance? Please see our Refinance Program page on how to get started. Now is a great time to look around your house and determine what repairs you would like to accomplish. Gather your list of repairs and your financial information and call or email NFC.
Got questions on the Federal Home Buyer Tax Credits? Here is a flyer that could answer some of your questions. Please note: Neighborhood Finance Corporation does not provide tax advice. You should always consult with a tax professional!
Shopping for a home? The House Hunting Checklist from NeighborWorks(R) America provides you with a great way to organize information on each house during your home shopping search.
NFC is working to make home ownership more affordable for you! Effective January 1, 2006, NFC has increased the closing cost subsidy for borrowers below 80% of area median income to a maximum of $2,500. Plus, NFC has increased the closing cost subsidy for borrowers over 80% of area median income to a maximum of $2,000. Borrowers earning more than 120% of area median income are eligible for a maximum $2,000 subsidy if they are purchasing a home in a low-and-moderate income area. In addition to these subsidies, NFC continues to provide a $10,000 property rehabilitation subsidy to borrowers purchasing and financing their homes with NFC. All subsidies are in the form of a 5-year forgivable loan. Please call or email us to find out how NFC can help you buy the home you want:
Since 1991, NFC has made over $205,000,000 in loans and grants in Des Moines and West Des Moines; we've financed a lot of homes! See how NFC has helped the neighborhood where you've found a home!
Are you looking to buy a home? Our Home Purchase Program is one of our most popular programs and could be right for you. NFC now has a loan product that enables qualified borrowers to buy a home with no PMI. Ask one of our loan originators for details. Please contact an NFC loan originator at 288-5626 or by e-mail:
Karen Riccelli Ext. 211 kriccelli@neighborhoodfinance.org
Joni Norman Ext. 209 jnorman@neighborhoodfinance.org
To participate in the NFC purchase program, a qualified borrower must occupy the home as their primary residence and cannot own any other property. NFC's loan program is not for persons who own more than one home in Polk County and any surrounding counties.
Have you found a duplex that you would like to turn back into a single family home, and then live there? That will need some additional property rehab, and we have a Downsizing Program that provides an additional subsidy to help you with the extra work.
Does your home need major improvements? Our Home Improvement Program provides financing if your home needs major repairs.
Are you looking to refinance? If so, and your home needs major repairs, you may be able to use our Refinance Program.
Our lending area is comprised of designated neighborhoods, which are determined by the City of Des Moines and the Neighborhood Revitalization Board, and additional census tracts.
How can I apply for an NFC loan?
The amount of time it takes to obtain a mortgage through NFC is really dependent on how quickly the borrower can furnish required information to us. Our Loan Process gives you some guidelines.
Our homebuyers must get bids from independent contractors to do the proposed rehabilitation. 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.
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.
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