NFC Changes Lending Areas in Des Moines
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Tuesday, January 21, 2020
FOR IMMEDIATE RELEASE:
Local Housing Non-Profit, Neighborhood Finance Corporation (NFC),
Expands Lending Areas in Polk County
Announces the end of lending programs in some neighborhoods on December 31, 2020.
DES MOINES, IOWA, June 30, 2020– Neighborhood Finance Corporation (NFC), a local non-profit housing organization that provides unique home loans to facilitate neighborhood revitalization announced today that it has expanded its loan programs into new Des Moines neighborhoods and will be phasing out current neighborhoods from the program. Maps showing the current changes to lending areas are available online at NeighborhoodFinance.org or printed maps are available by visiting the NFC offices at 1912 6thAvenue in Des Moines.
New Lending Areas
The changes include expansion of the program into parts of the Beaverdale, Waveland Park, Sheridan Park, Southwestern Hills Frisbee Park and Merle Hay neighborhoods. Lending in the Gray’s Lake neighborhood and in some of the parts of the Beaverdale (formerly Meredith) neighborhood will end on December 31, 2020. Current homeowners and those looking to purchase a home in the Gray’s Lake neighborhood or specific parts of the Beaverdale neighborhood will need to have a loan application submitted by December 31, 2020.
This is the first extensive update to the NFC Lending Areas in the past seven years. “Our lending areas are formed based on census data in neighborhoods with older housing stock and that are in need of support to encourage not only home ownership, but also home renovation,” said Stephanie Preusch, NFC’s executive director. “In working with our community partners Polk County and the City of Des Moines, we look at the data to determine changes in neighborhood needs from time-to-time. Our ultimate goal is to meet the expectations of our local and national funders while ensuring Polk County neighborhoods stay strong and vibrant.”
Forgivable Home Repair Loans
NFC offers purchase, refinance, home improvement, and down payment assistance loans to qualified homebuyers and homeowners in the current lending areas. The NFC Advantage Loan pairs a repayable loan with second loan of up to $10,000 for home renovations that is forgivable over 5 years of owner-occupancy.
Zero Interest Down Payment Assistance Loan
In 2019, NFC announced a new Neighborhood Reinvest Down Payment Assistance Loan. Eligible homebuyers earning below 100% of the area median income may apply to receive a $10,500 30-year deferred loan at 0.00% interest rate (0.00% APR)for down payment on a home purchased with a NFC Advantage Loan. 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.
For more information on all of NFC’s loan programs and current lending areas, visit NeighborhoodFinance.org or call 515.246.0010.
About Neighborhood Finance Corporation Neighborhood Finance Corporation (NFC) is a not-for-profit and licensed Iowa mortgage lender providing unique home loans and lending programs to facilitate neighborhood revitalization in Polk County and Cedar Rapids, Iowa. This program is made possible through partnerships with the cities of Des Moines, West Des Moines, Windsor Heights and Cedar Rapids, Polk County, Des Moines and Cedar Rapids area financial institutions, business leaders and neighborhood associations. NFC is a NeighborWorks organization and a Fair Housing Lender.
NMLS# 8943 (NFC Des Moines)
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