How do you qualify for NHF?

NHF Platinum Grant | Borrower Requirements

1. Owner Occupied only – borrower must live in the home as a primary residence.
2. Maximum Debt to Income 45% with FICO Scores between 640-659 (FHA/VA/USDA)
3. Maximum Debt to Income 50% with FICO Scores 660 and greater (FHA/VA/USDA)

What is a NHF loan?

NHF (National Housing Fund) is a scheme created by the Federal Government for Nigerian workers, to help them access flexible financing to get their own homes. The scheme was established by the NHF Act of 1992 and is administered by the Federal Mortgage Bank of Nigeria (FMBN).

How can I access NHF in Nigeria?

Requirements for accessing an NHF Loan

1. Open a savings account with a registered Primary Mortgage Institution (PMI)
2. Contribution to the fund for at least six months prior.
3. Have satisfactory evidence of regular flow of income to guarantee the loan.
4. Submit photocopies of valid title documents (e.g. C of O)

What is a forgivable home loan?

Forgivable mortgage loans are second mortgages that you won’t have to pay back as long as you stay in a home for a set number of years. These loans come with an interest rate of 0%. Lenders will forgive them, meaning that owners won’t have to pay them back, after a certain number of years.

How do I apply for NHF grant?

An important note: To apply for NHF down payment assistance, you need to work with a participating mortgage lender. You can find one in your area by asking your real estate agent, or by contacting the NFH at its toll-free number: (866) 643-4968.

What is a platinum grant?

The GSFA Platinum Grant is a California down payment assistance program that provides up to 5% of the loan amount in the form of a non-repayable grant to support responsible and sustainable homownership for eligible California home buyers.

How do I check my NHF contributions?

How to Check NHF Monthly Contributions

1. Dial *219# and send.
2. Type 2 and send.
3. Type 1 and send.
4. Type the exact month i.e 1 to 12 and send.

Is NHF mandatory?

NHF contributions are applicable to Nigerian employees earning a minimum of NGN 3,000 per annum. The employer is required to deduct 2.5% of basic salary from employees earning more than NGN 3,000 per annum and remit it to the Federal Mortgage Bank of Nigeria within one month of deduction.

How do I check my NHF?

– Dial *219# USSD code and Send. – Type 3 and Send. – Your NHF number will be displayed.

What is a 5 year forgivable loan?

With a forgivable second mortgage program, some or all of the original down payment assistance amount is forgiven. For example, 20 percent of the loan might be forgiven each year for five years, so after five years the entire original down payment loan is forgiven and the second lien removed.

How do I apply for NHF down payment assistance?

What are the requirements for a NHF loan?

In the case of an NHF loan, the loan balance is completely forgiven after three years. To qualify for a grant or loan from the National Homebuyers Fund, you have to meet a few basic requirements. Luckily, they aren’t too strict:*

What does the National homebuyers fund do?

What is the National Homebuyers Fund? The National Homebuyers Fund (NHF). is a nonprofit public benefit corporation founded in 2002. It offers closing and/or down payment assistance qualified borrowers nationwide — including first-time home buyers and repeat buyers. The NHF can offer assistance up to 5% of the mortgage loan amount.

How much money can you get from the NHF?

The NHF can offer assistance up to 5% of the mortgage loan amount. So if you got a $250,000 mortgage, for example, the NHF might give you up to $12,500 as a grant or forgivable loan to help with your upfront costs. The NHF can offer assistance up to 5% of the mortgage loan amount.

How does the NHF help with closing costs?

The grant, dispersed through NHF-approved lenders, is meant to assist homebuyers with down payments and/or closing costs that the home loan agreement may accrue.