Down Payment and Closing Cost Assistance

Down Payment and Closing Cost Assistance

NFC has programs available for eligible home buyers that receive their Purchase Loan through NFC.  These are in addition to NFC's forgivable loan for home renovations.  Click here for more information on NFC Advantage Purchase Loan.

Neighborhood Reinvest Down Payment Assistance (DPA)

  • $10,500 at 0% interest (0% APR)
  • Deferred Loan that is paid off when you sell the home or receive a cash-out refinance
  • Used for down payment and closing costs
  • Maximum household income is 100% of the area median income 

Click here for more information on the NFC Neighborhood Reinvest Down Payment Loan Program

 

NFC Closing Cost Assistance

  • $2,500 for Closing Costs
  • 5-year forgivable loan – no payments and no interest as long as you live in the home for 5 years
  • Maximum household income is 80% of the area median income
  • Some households over this income may receive a $2,000 forgivable loan instead depending on the location of the home

 

Journey to Homeownership 

This is down payment and closing cost assistance in NFC Lending Areas to assist African American homebuyers earning below 100% of the Area Median Income to purchase a home.  

  • $10,500 or $15,000 in a Core Neighborhood at 0% interest (0% APR)
  • Deferred Loan that is paid off when you sell the home or receive a cash-out refinance
  • Used for down payment and closing costs
  • Maximum household income is 100% of the area median income

Click here for more information on the Journey to Homeownership Program

 

Federal Home Loan Bank (FHLB) Home$tart Down Payment Assistance (DPA)

  • These funds are not always available.  For more information visit the Federal Home Loan Bank website.
  • A $15,000, 5-year forgivable loan for down payment and closing costs
  • NFC applies on behalf of borrower, but does not set the guidelines.  As a result, it may take longer to close your loan or additional documents will be required. NFC cannot guarantee approval for the FHLB Home$tart DPA.
  • Maximum household income is 80% of the area median income

 

For the Household Income Limits in Linn and Polk Counties click here.

IF YOU RECEIVED DOWN PAYMENT ASSISTANCE THROUGH NFC and have questions about receiving a subordination or a payoff, please visit the Subordination Guidelines page of the NFC website