An Opportunity to Make an Old House a Home With An NFC Loan
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Monday, November 11, 2019
Rachel and her son were living in a West Des Moines townhouse without much green space when they discovered a unique opportunity.
Rachel had found a place in Des Moines only a couple of blocks from where she grew up. She knew the 100-year old home with the large backyard would be ideal for their new puppy.
The Neighborhood Finance Corporation sign in the homeowner’s yard was just what Rachel needed to see and when her realtor mentioned a “renovation loan” to her too — it sealed the deal.
She would receive a forgivable loan of $10,000 (forgivable over 5 years) to put towards renovations within six months of signing. With the home in need of updates, it was an opportunity she couldn’t pass up. However, when she put her townhouse on the market, it sold within a week and the pressure was on.
Rachel said she had to get bids within a week and have the appraiser out for an appraisal – making it a guessing game as to whether they’d get it done by the October 4th closing date.
“I would caution other homebuyers to be organized and allow additional time to help minimize stress.”
Thankfully, Rachel’s flexible work schedule allowed her to be back and forth to the house multiple times throughout the process. “And Nicole [at NFC] was excellent and almost always available. We ran into a few snags with not understanding what the inspector needed so she was able to help explain.”
She goes on to say, “If I could do it all again, I’d tell the buyers I needed more time. It all worked out though and the $10,000 grant made it all worth it!”
Going into the process, Rachel was admittedly hesitant. “This wasn’t my first home-buying experience and that was complicated — I knew this would be more so.”
Rachel obtained the conventional loan and the forgivable renovation loan and expects for the home she purchased to be her “forever-until-retirement home.” She and her son now have a house with character that will be getting new electrical, energy-efficient furnace, and tree maintenance. They’re also remodeling the kitchen, giving a facelift to the 1940’s style and putting in a dishwasher and additional cabinets.
“I’m excited about transforming our old home but with the goal of keeping its’ original charm. I see others in the area renovating too so all of this will be good for our community,” Rachel said.
For more information on Neighborhood Finance Corporation’s unique home loans, please contact us at 515.246.0010.
NMLS# 8943 Equal Housing Lender
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