Below is the process for how homeowners and contractors should handle NFC contracted renovation projects.
1. Homeowner requests bids directly from contractors
2. Bid accepted by homeowner. The bid cannot expire before the loan closing and needs to be signed and dated by the homeowner and the contractor
3. Homeowner closes loan (renovation work cannot begin until the loan is closed)
4. Renovation funds held in escrow account at NFC
5. Satisfactory work completed by contractor
6. Homeowner prepares Lien Waiver Release Form
7. Completed lien waiver release form and invoice/receipt to NFC before noon on Monday (Tuesday payout) or noon on Thursday (Friday payout)
8. City Inspector to inspect rehab work
9. Payout to contractor Tuesday and Friday after 4:00 p.m. at the NFC office. Contractors will need to provide their Tax ID number.
Information on payment for supplies or down payment to contractors.