Drake University Neighborhood Home Incentive Plan

Neighborhood Finance Corporation (NFC) and Drake University have teamed up to help make your home purchase and/or move to Des Moines as simple as possible.  Purchasing a home can be stressful experience.  Let us take the worries out of shopping for a mortgage loan by providing you with these exclusive products and services. 

Listed below are a few of the extended benefits that are available to you as an employee of Drake University.

NEIGHBORHOOD FINANCE CAN OFFER:

• Low down payment programs including 95% financing fixed rate mortgages
• Rehabilitation subsidy, where up to $10,000 may be a forgivable loan for the cost of rehabilitating the property.
• Up to $2,500 available for closing cost assistance (based on program guidelines).
• Free Homebuyer Education.

DRAKE UNIVERSITY CAN OFFER:

• Up to $3,500 to be used towards a down payment and/or closing costs for purchases adjacent to the campus.

The intent of this plan is to provide an incentive as well as assistance to eligible Drake University employees which may be utilized with other available private financing options to assist in the purchase of an owner-occupied single-family dwelling in an area adjacent to campus as designated on the attached map.  This incentive is available to eligible, full-time employees of Drake University. 

The defined area is eligible for the Drake University provided assistance and is as follows: Clark Street to Cottage Grove between 23^rd Street and 31^st Street.  Also included is 2800 Rutland Avenue to 3020 Rutland Avenue. The boundaries include any house directly adjacent to the named boundary.   

Drake University will provide a maximum assistance of up to $3,500 which may be reimbursed for loan closing fees, such as, abstracting, appraisal, title opinion, credit report or origination fees.  Note: IRS regulations require any amounts paid by the University on behalf of an employee be treated as taxable income.

Neighborhood Finance Corporation has several programs which can be combined with the Drake incentive.  Eligibility for the Drake incentive is not necessarily an indicator of eligibility for the NFC program. Buyers will have to meet loan requirement criteria, credit worthiness and other requirements stipulated by the NFC.  For forgivable loans on improvements to a property there are also requirements for the purchaser to live in the home a specified length of time.

The partnership with Drake University and Neighborhood Finance Corporation offers great benefits to our employees both in offering significant financial benefits and in strengthening the community surrounding our campus.  The partnership also demonstrates the University’s belief in a long-term commitment to our neighborhood, which will be enriched by new homeowners.

We look forward to working with you on your purchase of a home!

The contact person for Drake University is Marlene Heuertz, 2507 University Avenue. (515-271-1901)  marlene.heuertz@drake.edu