Every loan made by NFC will have up to $10,000 in home improvement/repairs in the form of a forgivable loan. Additionally, eligible home buyers could also receive a subsidy of up to $2,500 to assist with closing costs on purchase transactions. (Please note, there are several factors considered with calculating any potential closing subsidy. A determination cannot be made until after the full application and supporting documentation is reviewed at NFC.) Because these subsidies are paired with your NFC loan, you can do more than if you obtained a traditional loan elsewhere.
Recently, a contractor mailed a flyer to neighborhood residents, noting that they were a Preferred Contractor of NFC. NFC does not have a Preferred Contractor list. Please call us to discuss further.
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.
NFC underwrites each application to standard Conventional guidelines. We encourage everyone interested in utilizing our program to submit an application to NFC and review the NFC Application Information Request Form. We cannot make a determination without a completed application to review.
Please note that you MUST get your loan through NFC to be eligible to get up to the full $10,000 forgivable loan. Please call or email our Loan Originators for details:
- Karen Riccelli, Loan Originator #29833, 288-5626 ext. 211 | email
- Joni Norman, Loan Originator #26251, 288-5626 ext. 209 | email