Lending

NHS Loan Products

NHS offers loan products for individuals and families who have achieved some of the milestones in their housing counseling action plan but who do not yet meet the established criteria to obtain financing through traditional means.  NHS is an Iowa Licensed Mortgage Bank NMLS #120938

1st Mortgage Loans - purchase loans for 1st time homebuyers
  • The Revolving Loan Fund has allowed NHS to provide more than 20 million dollars in mortgage loans, This is often combined with investment for rehab, occupancy of a vacant property, and neighborhood reinvestment. 
  • Provided in the form of a 30 yr mortgage at a rate 2% above “prime”.  This is an effort to not compete with lenders, and to encourage borrowers to refinance after having completed our homebuyer counseling when they meet a traditional lenders criteria. 
  • 1st mortgage loans are available as capital allows and offered on a first come first served basis,
Owner Occupied Rehab Loan/Grants
  • We have provided more than $1.3 million in the form of over 2000 rehabilitation loans and grants in the community. 
  • NHS works with clients to assess their needs as well as any code, safety, health, or minimum standards repairs that are required.
  • Rehab loans and grants are available as funding allows, on a first come first served basis.

NHS Partner Lenders

NHS works with many local financial institutions and wholesale lenders on a referral basis to provide a wide array of mortgage products, FHA, Conventional, USDA, VA, and niche products for your specific situation. 

Hope Homeownership Program
 
Helping you attain your goals!
 
Intended to fit with QC Chambers Q2030 – creating strong neighborhoods

The HOPE financing program was created in partnership with several local financial institutions.  The purpose of the program was to make credit available to individuals and families who don’t quite meet the qualifications for a traditional mortgage loan, and for those who encounter last minute challenges in  underwriting.  NHS staff will work with you to obtain short term financing and identify your barriers.  We will work with you after purchase to establish a work plan to address barriers, and provide post purchase education in areas such as basic home maintenance, budgeting, and credit counseling.  Upon successful completion of the HOPE counseling program you will meet the qualifications necessary to obtain a traditional long term mortgage.  
 
​​When In-house Funding Allows:
· 6.5% Rate
· 3 year balloon
· 1.5% origination
· Up to 97% LTV
· Home subject to inspection
· NHS REACT properties qualify for financing.
 
 
· $1,000 buyer investment required
· Appraisal cost can be included in buyer investment
· Existing appraisals can be requested for transfer
· $6,000 down payment assistance available to those who qualify
· Must be employed
 
· DTI 36/45
· Fees May be financed (all but appraisal)
· No cash out to buyer
· Buyer must be enrolled in HOPE counseling program.
· Auto payment available
· No prepayment penalty