Refinance Loan

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


Do you currently own a home in an NFC lending area and would like make some needed repairs or renovations to your home?  NFC offers some of the area’s most competitive interest rates and can refinance your current loan with a NFC Advantage Loan.

All NFC loans must be in an NFC lending area.

  • A forgivable loan up to $10,000 ($15,000 in Cedar Rapids) for home improvements is available. You may also be able to borrower funds for renovations that exceed $10,000.
  • Maximum 1st mortgage loan amount $250,000 (up to 80% loan to value). All loans over $250,000 require Loan Committee approval.
  • 2nd mortgage loan amount up to 15% loan to value at 2% interest (APR 2%) for 10 years
  • The forgivable renovation funds are five year forgivable mortgages with 20% forgiven each year of owner-occupancy.  You must occupy the home for five years to receive the full forgiveness.
  • Homeowner must maintain 5% equity in the property
  • Eligible renovation items can be found on the NFC Loan Programs page
  • No private mortgage insurance
  • Competitive Fixed Interest Rate

NFC also has a home improvement loan product available if you do not have a current mortgage or do not want to refinance your current mortgage. Your mortgage loan originator can discuss both options with you during the loan application process.


Our program is intended to improve neighborhoods and increase owner occupied home ownership; therefore, you must occupy the property. Borrowers should have owned the home for 1-year before receiving NFC financing. This may be waived if there are emergency repairs that need to be made during the first year.

Please review the complete details of the NFC Advantage Loan for more information or to complete an application.