1 - SUBMIT LOAN APPLICATION
Please make sure to submit all documents requested on the application. Incomplete information may delay your application. Application will go through an initial processing review which includes obtaining a copy of your credit report.
2 - LOAN OFFICER FINANCIAL REVIEW
Your application will be assigned to a Loan Officer who will review your application and determine your financial eligibility for the program. If you qualify for a loan through the program, your application will be referred to a NIDC Rehabilitation Specialist.
3 - TECHNICAL ASSISTANCE
Your Rehab Specialist will work with you to help develop a scope of eligible work. A scope of work clearly defines what needs be done during the rehabilitation project.
4 - BIDDING PROCESS
Your Rehab Specialist will assist you in obtaining bids from licensed contractors for the project. You will select the contractor you wish to hire for your project. NIDC will perform a review of the contractor that you select to make sure that the contractor is licensed and qualified to perform the work.
5 - LOAN REVIEW
Your application, scope of work and selected contractor will be presented to an Administrative Review Committee for final approval. Your Loan Officer will notify you if approved. If you submit a complete application and diligently work with your rehab specialist to obtain bids, the time frame from application to approval is about 45 days.
6 - LOAN CLOSING
If you have been approved for a STRONG Homes loan, your Loan Officer will work with you to schedule a loan closing. Loan documents are recorded. The loan funds are held by the City in an escrow account to pay contractors.
7 - START REHAB!
Your Rehab Specialist will continue to work with you and your contractor to have contracts signed and work begun. The Rehab Specialist also assists you by verifying work is done correctly at the time you approve payments to contractors. Work should be completed within 90 days of loan closing. Extensions may be approved for weather related delays.