Neighborhood Finance Corporation (NFC), in conjunction with local housing and banking partners, will soon be offering a new downpayment assistance program.
How The Program Works
- A homebuyer may apply to receive a $10,500 deferred loan at 0% interest rate for down payment on a home in Polk County, Iowa. The Annual Percentage Rate (APR) is .1% if the $250 commitment fee is paid by the borrower.
- The deferred loan does not have to be repaid until the home is sold or, in some instances, when the homeowner seeks to refinance the home.
- Homebuyers are required to complete eight hours of homebuyer education before receiving the loan.
- NFC or Project Reinvest Polk County approved lenders will provide the first mortgage fixed-rate loan and NFC will provide the $10,500 down payment loan.
Project Reinvest Polk County Borrower Requirements
- Household annual income at or below 100% of Area Medium Income.
- Homebuyers are required to complete approved homebuyer education before receiving a loan.
- Property must be an owner-occupied principal residence.
- May not own another property at time of closing. Current home must be sold before closing on the new home.
- Must obtain first mortgage financing through a Project Reinvest Polk County approved lender.
More information will be available July 1. Please check back here or follow NFC on Facebook or Twitter for updates.
Project Reinvest Polk County is administered locally through Neighborhood Finance Corporation (NFC), a not-for-profit mortgage lender providing unique home loans and lending programs to facilitate neighborhood revitalization in Polk County, Iowa.