Loan Programs

THE NFC ADVANTAGE

 

In Cedar Rapids the maximum forgivable loan amount is now $15,000. Please contact the NFC Cedar Rapids office for more information!

 

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No other home loan or mortgage product offers the types of loans offered by NFC -- that is the NFC Advantage.  If you’re looking to purchase a home, refinance an existing home while making needed repairs to that home, or apply for a home improvement loan, then NFC has a product for you. A NFC Advantage Loan pairs a repayable loan with a forgivable loan of up to $10,000 in Polk County and $15,000 in Cedar Rapids. There are additional benefits available for some homeowners and homebuyers that can be found on the NFC Lending and Community Programs page and the Down Payment Programs page.

Visit the Energy Advantage page for information on NFC's new program to take control of your energy footprint by adding or replacing items such as: solar, heat pump, new efficient HVAC system, Energy Star windows and doors, and other items.

The home must be in a NFC lending area. 

The forgivable renovation and closing cost funds are five-year forgivable mortgages with 20% forgiven for each year of owner-occupancy. You must occupy the home for five years to receive full forgiveness.    

For a purchase and refinance loan, the maximum 1st mortgage loan amount is $300,000 (up to 80% loan to value).  Loan Committee approval is required for loans over $180,000. For a home improvement loan, the maximum mortgage loan amount is $180,000 (up to 95% loan to value).

For home purchase loans, possible closing cost assistance of up to $2,000 or $2,500 available in most of the lending areas  (Determination of whether or not closing cost assistance is received and if so, the amount, cannot be made until after a complete application and supporting documentation has been reviewed by NFC.) 

The forgivable renovation and closing cost funds are five-year forgivable mortgages with 20% forgiven for each year of owner-occupancy. You must occupy the home for five years to receive full forgiveness.

Please visit the How to Apply page to complete a loan application and for additional information. The NFC application fee is a non-refundable $101. NFC now accepts Master Card, Visa, Discover, and American Express. Eligible home repairs include but are not limited to the following:  

  • Update on aged or unsafe heating, air conditioning, electrical and plumbing systems
  • Roof repair or replacement
  • Foundation repair
  • Exterior siding repair or replacement and paint
  • Window and door repair or replacement (if in poor condition repair or for energy efficiency)
  • New garage, garage repair or replacement (maximum 2 car garage, 24' X 24')
  • Energy efficiency (insulation, windows, mechanical upgrades)
  • Access/architectural barrier removal and wheelchair or mobility assistive device
  • Sidewalk and driveway repair or replacement
  • Interior repairs and updates
  • Functional landscaping (grading and retaining walls for water and erosion control, significant tree removal or trimming)

Property repairs and improvements CANNOT be completed prior to closing on the NFC loan. NFC will NOT reimburse for work completed prior to the NFC loan closing. 

Homeowners will get bids from independent contractors for the proposed home improvements. Please review our Bid Process for additional information. 

Our program is intended to improve neighborhoods and increase owner-occupied home ownership; therefore, you must occupy the property. Please contact our Loan Originators for details.

Des Moines

 

Cedar Rapids

 

Find more information on our Purchase Loans, Home Improvement Loans and Refinance Loans