Neighborhood Nonprofit housing Corporation
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Our mission is to create quality affordable housing opportunities to enhance communities and to provode housholds with the skills to become sel sufficient. Everyone deserves a place to call home
Housing Opportunities - People with Disabilities Mutual Self Help Housing Welcome Home Own In Logan Housing and Foreclosure Counsling Housing for Seniors Rental Housing Lending Service

NEIGHBORHOOD LENDING SERVICES LOAN PRODUCTS

Call 435-753-1112 and make an appointment to speak to one of our mortgage specialists today! We provide prompt, professional, and friendly service.

Section 502 Direct Single Family Housing Loan

This funding ends March 27th. You must apply by February 27th in order to complete your loan application!


Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build or to purchase a home.  The Section 502 loan is processed by Neighborhood Nonprofit Housing Corporation and loan funds are provided through the USDA Rural Housing Service.

  • No down payment required!
  • Closing costs can be rolled into the loan up to the appraised value.  Ask us about closing cost assistance programs.
  • Interest rate currently 3.125% (varies daily), but can be as low as 1% based on income and family size.
  • Less stringent credit requirements.
  • Subsidized mortgage payments based on income and household size.  Follow the link to see the income guidelines.  Cache County Box Elder County Requirements are calculated based on gross income.
  • No Private Mortgage Insurance (savings up to $150 a month!)
  • Not limited to first-time homebuyers.

Section 502 Guaranteed Single Family Housing Loan

Section 502 loans are primarily used to help individuals or households purchase homes in rural areas. Funds can be used to build, purchase or refinance.  The Section 502 loan is processed by Neighborhood Nonprofit Housing Corporation and is guaranteed by USDA Rural Housing Service.

  • No down payment required!
  • Closing costs can be rolled into the loan up to 103% of the purchase price.  Ask us about closing cost assistance programs.
  • Interest rate currently 3.25% (varies daily.)
  • Private mortgage insurance fees are lower than FHA’s (both upfront and monthly.)
  • Not limited to first-time homebuyers.

FHA Guaranteed Loans

FHA loans are primarily used to help individuals or households with lower FICA scores. Funds can be used to build, purchase, or refinance homes. All areas are eligible. FHA loans are processed by Neighborhood Nonprofit Housing Corporation and guaranteed by FHA.

  • Down payment of 3.5% required.
  • Interest rate currently 3.25% (varies daily.)
  • Private mortgage insurance fees are 1.75% of the total loan amount upfront (due at closing, and can be rolled into the loan) and 1.25% of the total loan annually (divided by twelve and paid monthly with mortgage payment.)
  • Not limited to first-time homebuyers.

VA Guaranteed Loans

VA loans are for veterans or those on active duty to purchase homes. Funds can be used to build, purchase, or refinance homes. All areas are eligible. VA loans are processed by Neighborhood Nonprofit Housing Corporation and guaranteed by VA.

  • No down payment (100% financing.)
  • No monthly mortgage insurance.
  • Funding fee of 2% (can be rolled into the mortgage.)

Conventional Loans

These loans are for those with FICA scores above 700. Funds can be used to build, purchase, or refinance homes. All areas are eligible. 

  • Down payment of 5% of total purchase price.
  • If down payment is less than 20%, mortgage insurance will be required (both an upfront fee and a monthly payment.)

 

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