Neighborhood Finance Corporation

Home Improvement Loan

Finance the Home Improvements You Need Without Refinancing Your Mortgage

Love your home but need to make repairs, renovations, or upgrades? The NFC Home Improvement Loan helps homeowners finance eligible improvements with competitive fixed interest rates, forgivable renovation assistance, and flexible financing designed to help you invest in your home and your future.

Whether you're replacing a roof, updating an aging kitchen, improving energy efficiency, or making your home safer and more accessible, NFC provides local lending solutions that help you protect your investment while building long-term equity.

Not looking for a standalone home improvement loan? If you're interested in refinancing your current mortgage while financing renovations, explore the NFC Refinance Loan. An NFC Loan Originator can help determine which option best fits your goals.

Program Features

Designed to help homeowners improve, preserve, and invest in their homes.

Forgivable renovation loan up to $15,000 Forgiveness amount (25% up to 50% of the renovation amount) based on household income.

20% of the eligible forgivable funds are forgiven annually over five years of owner occupancy

Home improvement loans to first 80% for the lesser of purchase plus renovation or after approved appraised value Loans over $180,000 require Loan Committee approval.

Homeowners must maintain at least 5% equity We can finance up to 95% of the after improved appraised value.

Competitive fixed interest rates

Flexible financing combining repayable, forgivable and deferred loan funds

Eligible for a wide variety of repairs, renovations, accessibility improvements, and energy-efficiency upgrades

Why Homeowners Choose an NFC Home Improvement Loan

Improve your home today while protecting your financial future.

Complete Projects Without Refinancing Keep your existing mortgage while financing eligible home improvements through one flexible loan program.

Reduce Your Out-of-Pocket Costs Qualified homeowners may receive up to $15,000 in forgivable renovation assistance, reducing the overall cost of completing important repairs and upgrades.

Increase Your Home's Value Invest in improvements that enhance comfort, safety, energy efficiency, and long-term resale value while building equity.

Flexible Financing for Projects Big and Small Whether you're tackling essential repairs or planning major renovations, NFC offers financing designed to fit your project's scope.

Stay in the Home You Love From accessibility improvements to aging-in-place modifications, NFC helps homeowners preserve and improve their homes while strengthening neighborhoods.

Home Improvement Rates

Term

10 Year

Interest Rate

7.375%

APR (Annual Percentage Rate)

8.412%

Eligibility Requirements

The NFC Advantage Home Improvement Loan is available to qualified homeowners who meet program guidelines.

To qualify:

Your home must be located within an NFC lending area.

The property must be your primary residence.

You must have owned the home for at least one year.

Exceptions may apply for newly added lending areas or emergency repairs.

Applicants must meet underwriting and loan approval requirements.

Homeowners must maintain at least 5% equity.

Renovation work must be completed by licensed independent contractors.

View NFC Lending Area Map

Important Program Guidelines

To ensure project eligibility and maximize program benefits:

The program is designed to preserve homeownership, improve neighborhood housing, and encourage long-term investment in existing homes.

Contractor bids are required before final approval.

Work completed before loan closing is not eligible for reimbursement.

Final eligibility is determined after review of your completed application.

Eligible Home Improvements

Your NFC Home Improvement Loan can finance a wide range of repairs and renovations that improve your home's safety, efficiency, appearance, and value. Eligible projects include (not limited to):

Heating and cooling (HVAC)
Electrical and plumbing upgrades
Energy-efficiency improvements
Insulation and weatherization
Roof replacement or repair
Foundation repairs
Windows and doors
Exterior siding
Sidewalks and driveways
Drainage and grading improvements
Interior remodeling
Kitchen and bathroom renovations
Home additions
Accessibility improvements
Aging-in-place modifications
Accessory Dwelling Units (ADUs)
Garage construction or repair (maximum 24' × 24')

Important: Home improvements cannot begin until your NFC loan has closed. Work completed before closing is not eligible for reimbursement.

All repairs must be completed by licensed independent contractors. Contractor bids are required before loan approval.

Visit the Contractors Resource page to learn more about the complete requirements for the Bid Process.

How the Home Improvement Loan Process Works

Identify the repairs or improvements you'd like to complete and confirm your home is located within an NFC lending area.

Meet with an NFC Loan Originator and submit your application.

Obtain contractor bids for your planned improvements.

NFC reviews your project, financing needs, and eligibility.

Close on your loan and begin approved home improvements.

View NFC Lending Area Map

Get Started on Your Home Improvement Journey

Meet with an NFC Loan Originator to discuss your renovation goals and financing options.

Confirm Eligibility

Verify your home is located within the NFC lending area and review available loan programs.

View Map

Review Rates & Estimate Payments

Use our mortgage calculator and current interest rates to understand your financing options.

Rates & Calculators

Apply with Confidence

Complete your application knowing you'll have a local lending team guiding you from application through project completion.

Learn More

Ready to Improve Your Home?

Whether you're completing necessary repairs, updating your home's appearance, improving energy efficiency, or making your home more accessible, the NFC Advantage Home Improvement Loan gives you the flexibility and local support to make it happen.