Application & Loan Process

Purchaser complete application form
Return completed application form with items listed on NFC Application Information Request Form. (NFC now accepts Master Card, Visa and Discover for the application fee).
The maximum NFC 1st mortgage is $180,000 (up to 80% LTV). The maximum NFC 2nd mortgage, accompanying the 1st mortgage, is $45,000 (up to 15% LTV). NFC's maximum borrowed amount, not including the forgivable loan, is $225,000.
Return completed application to NFC
Application decisioned (approved or denied) by NFC
Provide fully executed purchase contract to NFC
NFC inspection to be ordered by NFC loan originator
- Karen Riccelli, Loan Originator #29833, 288-5626 ext. 211 | email
- Joni Norman, Loan Originator #26251, 288-5626 ext. 209 | email
Upon receipt of the NFC inspection, rehab requirements discussed with buyer
Buyer obtains bids for the required rehab: Our homebuyers must obtain bids from independent contractors to do the proposed rehabilitation. The Bid Process provides guidelines for the homebuyer, the realtors and the independent contractors.
Upon receipt of the bids, NFC appraisal to be ordered
Upon receipt of the appraisal, final underwriting to occur
Closing to be scheduled
Property repairs and improvements can NOT be completed prior to closing on the NFC loan. NFC will NOT reimburse for work completed prior to the NFC loan closing.