Keeping a Home in the Family
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Friday, May 22, 2020
Keeping it in the Family
When an opportunity to purchase his grandmother’s home presented itself in January of 2020, Jason immediately jumped into action and contacted his credit union to see about getting a loan. But a call from his mother changed his plan.
She had reached out to let him know about an ad she’d seen in the newspaper for Neighborhood Finance Corporation and the $10K Forgivable Loan.
“I love my credit union, but this seemed like too good a deal to pass up, so I gave NFC a call,” Jason said.
He was able to quickly start the loan application with the help of NFC’s Lynn Barrett. “She helped me through a very simple process and I just closed on May 6.
Jason started the home buying process in early February and despite the global pandemic that hit simultaneously, he says he didn’t encounter any challenges.
With the opportunity working with Neighborhood Finance Corporation and the Forgivable Loan program afforded him, Jason was able to keep his grandmother’s home in the family. He will also be able to make many upgrades like a new front entry door, garage service door, concrete patio, sliding glass door, picture window, basement windows and new 150 amp electrical service throughout. In fact, he already has the electrical upgrade scheduled.
“I have a lot of work ahead of me, but it’s what I wanted,” Jason said.
Jason says he would definitely recommend Neighborhood Finance Corporation to others and recently told a friend about the Forgivable Loan, how easy the process is, and that it’s cheaper than paying rent!
Moving from a rental property to the 2 bedroom, 1 bathroom home with a small yard — especially considering it’s his grandmother’s home — will be ideal for Jason. Plus, staying in Cedar Rapids, being near work as well as contributing to the overall improvement of an older house in the neighborhood, are all perks.
Jason says he’s happy with how everything turned out and wouldn’t change a thing —“It’s my home now. I like being a homeowner again.”
To see if your home is in a NFC lending area and to learn more about NFC lending programs, visit NeighborhoodFinance.org or call our Cedar Rapids office at 319.777.7127
NMLS# 1757818 Equal Housing Lender
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