Neighborhood Finance Corp. closes 600 loans, launches new down payment program
Neighborhood Finance Corp., a not-for-profit mortgage lender, provided 600 down payment assistance loans totaling nearly $7.6 million during a two-year period that ended July 31, the group announced. The down payment assistance programs were offered through Project Reinvest and NeighborhoodLIFT. The first mortgage purchase loans were provided by 10 area banks, Neighborhood Finance and Habitat for Humanity of Greater Des Moines. The success of the down payment assistance loan program prompted Neighborhood Finance to create the Neighborhood Reinvest Down Payment Assistance Loan program that will provide down payment assistance to eligible homebuyers earning below 100% of the area median income. Those homebuyers are eligible to receive a $10,500, 30-year deferred loan at 0% interest for down payment on a home bought with a Neighborhood Finance Corp. Advantage loan in the lending area served by Neighborhood Finance.
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