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How does a forgivable loan work?

April 26, 2017loan

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How does a forgivable loan work?

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NFC provides forgivable loans for homeowners to repair qualified homes in our lending area. The money is forgiven over a five-year period, assuming the property owner still occupies the house. The portion of the loan that is forgiven depends on the amount needed for repairs or improvements, and the borrower’s income. Our requirement for forgiveness is that you reside at the residence. A portion of the loan is forgiven each year you reside there. For further details, please contact us or one of our loan originators.