NFC Lending Update: Merle Hay exited NFC's lending area effective 12/31/2012. Any application for Merle Hay financing must be either dropped off at NFC no later than 12 noon on Monday, December 24th. Or, an application can be mailed to NFC with a postmark on or before 12/31/2012. Applications for Merle Hay financing hand delivered at NFC on or after 1/2/2013 will not be processed. This means if you have an NFC yard sign at a Merle Hay property, the application for purchase financing must be received at NFC per the above timeline. No excpetions will be given.
Beaverdale joins NFC's lending area effective 1/1/2013. Purchase applications can be processed via hand delivery on or after 1/2/2013 or mailed to NFC with a postmark on or after that date.
Recently, a contractor mailed a postcard to neighborhood residents, noting they were a preferred contractor of NFC. NFC does not have a preferred contractor list. Please call us for additional information.
Please note that the buyer must get their loan to purchase the home through NFC to be eligible for receiving the lump sum of up to $10,000 in forgivable funds. 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.
If mortgage is obtained from another lender the following applies:
*The customer must wait 12 months before applying for a home improvement
* Home improvement loans provide forgivable funds; however, it is a percentage of the project, either 25%, 33% or 50%.
The NFC Advantage for Buyers:
- As home buyers search for value in today’s real estate market, what better way to stretch the buyer’s dollar than with a $10,000 forgivable loan for repairs and improvements, plus up to an additional $2,500 for down payment and closing costs? (Please note, there are several factors to be considered in determining the possibility of received the closing cost subsidy and if so, the amount of it. Therefore, the full application and supporting documentation must be reviewed at NFC for that determination to be made.)
- And because NFC offers loans for qualified borrowers with little money down and no PMI, recommending NFC to your clients may be just the incentive they need to purchase a home!
- NFC now accepts Master Card, Visa and Discover for the application fee
The NFC Advantage for Sellers:
- Rather than having your seller pay for repairs or improvements before they list their property with you, suggest listing it as an NFC eligible property.
- Let the NFC dollars fix the home up for the new buyer.
- Call us to confirm the property is in an NFC lending area and still has funds available.
- As home sellers seek to get top dollar for their property, the $10,000 in forgivable funds can be used to address repairs.
- The rehabilitation funds can also be used to add things like garages, paved driveways and fences.
- These funds just might add the one thing that is missing for the buyer.
Please note: our program is intended to improve neighborhoods and increase home ownership; therefore, the borrower must occupy the property and can not own additional property within Polk County or the surrounding counties.