Neighborhood Reinvest Down Payment Assistance

Neighborhood Reinvest Down Payment Assistance is a deferred second loan for homebuyers in Des Moines, Iowa. Neighborhood Reinvest DPA is NFC's targeted-neighborhood DPA — up to $10,000, 0% interest forgivable 2nd, 5-year forgiveness, for purchases in NFC-designated Reinvestment Areas. May layer with NFC rehab and grant-match for higher subsidy in target tracts. Neighborhood Reinvest DPA provides up to $10,000 in down-payment assistance as a 0% interest forgivable second mortgage for purchases in NFC-designated Neighborhood Reinvestment Areas (specific Des Moines and Polk County census tracts targeted for revitalization). Forgiven over 5 years. May be layered with NFC's grant-match and rehab funding for higher total subsidy in target neighborhoods. Pairs with NFC first mortgage. Funding comes from Local, CDFI, HOME, Bank Partners, and City of Des Moines.

Neighborhood Reinvest Down Payment Assistance offers up to $15,000 in assistance. The program asks homebuyers to contribute $1,000 minimum borrower contribution. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Neighborhood Reinvest Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by 30-year deferred loan, 0% interest, no monthly payments and repaid when the home is sold, is no longer the primary residence, or (in some instances) refinanced. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Neighborhood Reinvest Down Payment Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum FICO. A homebuyer education course is required, through NFC-approved homebuyer education; required for all borrowers prior to closing. Residency requirement: Property must be in an NFC lending area (Des Moines, West Des Moines, Windsor Heights, Urbandale, or Cedar Rapids; Polk and Linn Counties) and be an owner-occupied principal residence. First mortgage must be financed through NFC. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien. Property MUST be located in an NFC-designated Neighborhood Reinvestment Area (verify with NFC at intake; map available on NFC website). Household income at or below ~$149,200. Minimum 640 FICO. Maximum 45% DTI. $1,000 minimum borrower contribution. Primary residence required. Homebuyer education required. 5-year forgiveness covenant.

Neighborhood Reinvest Down Payment Assistance limits household income to 100% of the area median income, which varies by county and household size. Household annual income at or below 100% of Area Median Income. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Neighborhood Reinvest Down Payment Assistance caps the purchase price as follows: Per NFC underwriting; no published flat cap. Eligible property types include Single-family detached, condominium, townhouse, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Neighborhood Reinvest Down Payment Assistance names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Neighborhood Reinvest Down Payment Assistance serves homebuyers purchasing in Des Moines, Iowa. The program targets specific areas: NFC-designated Neighborhood Reinvestment Areas — specific Des Moines and Polk County census tracts identified for revitalization investment.

Applications for Neighborhood Reinvest Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reservation through NFC origination process; tract eligibility verified at intake. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.