Loan Programs

THE NFC ADVANTAGE

No other home loan or mortgage product offers the types of loans offered by NFC -- that is the NFC Advantage.  If you’re looking to purchase a homerefinance an existing home while making needed repairs to that home, or apply for a home improvement loan, then NFC has a product for you.

Home must be in an NFC lending area

For a purchase and refinance loan, the maximum 1st mortgage loan amount is $180,000 (up to 80% loan to value), and the maximum 2nd mortgage loan amount is $45,000 (up to 15% loan to value). The 2nd mortgage is at 2% interest for 10 years. NFC's maximum borrowed amount for home purchase and refinance loans, not including the forgivable loan, is $225,000.

For a home improvement loan, the maximum mortgage loan amount is $180,000 (up to 95% loan to value).

For home purchase loans, possible closing cost assistance of up to $2,000 or $2,500 available in most of lending areas  (Determination of whether or not closing cost assistance is received and if so, the amount, cannot be made until after a complete application and supporting documentation has been reviewed by NFC.) 

The forgivable renovation and closing cost funds are five year forgivable mortgages with 20% forgiven for each year of owner-occupancy. You must occupy the home for five years to receive full forgiveness.

Please visit the How to Apply page to complete a loan application and for additional information. The NFC application fee is $38. NFC now accepts Master Card, Visa, Discover, and American Express. Eligible home repairs include but are not limited to the following:  

  • Update of aged or unsafe heating, air conditioning, electrical and plumbing systems
  • Roof repair or replacement
  • Foundation repair
  • Exterior siding repair or replacement and paint
  • Window and door repair or replacement (if in poor condition repair or for energy efficiency)
  • New garage, garage repair or replacement (maximum 2 car garage, 24' X 24')
  • Energy efficiency (insulation, windows, mechanical upgrades)
  • Access/architectural barrier removal and wheelchair or mobility assistive device
  • Sidewalk and driveway repair or replacement
  • Interior repairs and updates
  • Functional landscaping (grading and retaining walls for water and erosion control, significant tree removal or trimming)

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

Homeowners will get bids from independent contractors for the proposed home improvements. Please review our Bid Process for additional information. 

Our program is intended to improve neighborhoods and increase owner occupied home ownership; therefore, you must occupy the property. Please contact our Loan Originators for details.

•Joni Norman, Loan Originator, NMLS #26251, 273-1368 | jnorman@neighborhoodfinance.org 

•Richie Allen, Loan Originator, NMLS #521207, 273-1370 | rallen@neighborhoodfinance.org

•Carlos Vaquerano, Loan Originator, NMLS #1412981, 273-1361 | cvaquerano@neighborhoodfinance.org 

Find more information on our Purchase LoansHome Improvement Loans and Refinance Loans