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. Inspector to verify rehab work is completed & permits/city inspections were conducted when applicable before a payout. View a guide for renovation and permit requirements in the City of Des Moines here. To contact the city for permits and inspections, visit their website here.
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. Homeowners and contractors should bring their ID when picking up a check.
Information on payment for supplies or down payment to contractors.
Form for changing contractor (must supply new bid).
Form for extending the time needed.