Here’s what Stephanie had to say about her unique loan program

Today I’m excited to introduce Stephanie Murphy from Neighborhood Finance Corp. She will educate us on mortgages and how you can qualify for $10,000 in free money. 

How can people qualify for down payment assistance programs? 

Sometimes, it’s hard to afford a down payment, so we offer the ability for people to put 3% down and qualify for a $10,500 assistance program. They’ll have to pay the money back at some point, but there’s no interest on it in the meantime. 

People want to know: What’s the catch with this loan program? 

We know it sounds too good to be true, but there is no catch. We’re just fortunate enough to live in a county that supports our program. The money comes from our local government, so the goal isn’t to make money on the loan. 

“We think we offer the best deal possible. ”

So your interest rates won’t be crazy high?

We have a flat interest rate for all of our loans. For some people, this may make the rates seem higher, but for others they could be lower. Also, since we don’t require private mortgage insurance, we think we offer the best deal possible. 

Can you take us through your website and explain how someone can qualify for a loan?

Sure! If you head to our website, www.neighborhoodfinance.org, there’s a lending map where you can put in the address of the home you’re looking for and see if it is in our lending area. We also have a “How To Apply” tab that will walk you through how to apply. 

If I get a renovation loan with you, what does the process look like?

After closing, we put the money into an escrow account based on bids you received during the loan process. This way, we already know what you’re going to be doing. You also have to work with licensed contractors, so unless your uncle is licensed, he can’t work on your home for you. 

I would like to thank Stephanie once again for talking with me today. If you have any questions for her, you can call her at 515-273-1372. If you have any questions for me, please feel free to reach out at 515-554-5870 or therealryanrivera@gmail.com. I look forward to hearing from you!