NFC Advantage Loan Programs

Improve Your Home While Building Equity

The NFC Advantage Loan helps homebuyers and homeowners improve homes while making ownership more affordable.

With NFC Advantage, you can:

  • Home Purchase - Buy a home and complete repairs or renovations at the time of purchase
  • Refinance Loan – Refinance your home and complete needed repairs
  • Home Improvement - Finance improvements to a home you already own

The NFC Advantage Loan combines an NFC repayable loan with a forgivable renovation loan of up to $15,000 to help pay for home improvements.

Some homebuyers may also qualify for down payment assistance of up to $15,000.

Homes must be in an NFC lending area.

NFC Advantage Loan Benefits

Forgivable Renovation Loan – up to $15,000 - Homebuyers and homeowners may receive up to $15,000 for repairs or renovations. This loan is forgiven over five years if the homeowner continues to live in the home. Each year, 20% of the loan is forgiven. After five years, the loan is fully forgiven.

Down Payment Assistance – up to $15,000 - Qualified homebuyers may receive a 0% interest (0% APR) loan of up to $15,000 to help with their down payment. This loan is deferred, which means no monthly payments are required and it will be paid back when the home is sold or refinanced. Visit the Down Payment page for more information. 

No Private Mortgage Insurance (PMI) - For Purchase and Refinance Loans, the first mortgage is for 80% of the value of the home and the 2nd mortgage is for up to 15% loan to value, removing the need for PMI and allowing borrowers to earn equity more quickly.

All loans include home repairs and renovations

NFC is able to lend on what the value of the home will be after the renovations are complete, allowing for larger projects and assisting newer homebuyers.

NFC partners with other Community Programs and NFC’s Energy Advantage Program. Please contact an NFC Loan Originator for more information.

How to Apply

Visit the How to Apply page to start your loan application and see NFC’s current interest rates.

Application fee: $125 (non-refundable). Consultations with an NFC Loan Originator are free.

Contact an NFC Loan Originator

Des Moines

Kari Vitzthum Loan Originator | NMLS #2168731 515-273-1380 kvitzthum@neighborhoodfinance.org

Troy Bothwell Loan Originator | NMLS #38491 515-273-1382 tbothwell@neighborhoodfinance.org

Cedar Rapids

Bryce Dake Loan Originator | NMLS #1897289 319-777-7128 bdake@neighborhoodfinance.org

Eligible Home Improvements

NFC financing can be used for many types of home repairs and improvements, including but not limited to:

  • Heating and air conditioning systems
  • Electrical and plumbing updates
  • Energy efficiency improvements
  • Insulation and weatherization
  • Roof repair or replacement
  • Foundation repair
  • Exterior siding repair or replacement
  • Window and door repair or replacement
  • Sidewalks and driveways
  • Grading or landscaping to prevent water or erosion problems
  • Interior repairs and updates
  • Home additions
  • Accessibility improvements
  • Aging-in-place improvements
  • Accessory Dwelling Units (ADUs)
  • Garage construction or repair (Maximum two-car garage, 24' × 24')

Repairs and improvements cannot begin before the NFC loan closes. NFC cannot reimburse homeowners for work completed before closing.

Homeowners must get bids from independent licensed contractors for the planned repairs or improvements. Visit the Bid Process page for more details.