Financial Services

NIBC is a registered mortgage loan originator. We provide non-conforming loans where borrowers may have impaired credit or no credit. Other residential loan products are available through a combination of our own investment funds and certain federal and state programs. We act as a typical home loan provider.

Loan Products

Residential Mortgage Loans (First Mortgage)

Finances up to 95% of the price of the home;

  • Covers single-family homes (1–4 units) as well as condominiums
  • Low interest, 30-year fixed rate mortgages
  • All loans are subject to availability of funds, program changes and removal from the market without prior notice.
  • Maximum Loan amount is $50,000; 15–30 year mortgage

Home Repair Loans (Second Mortgages)

Loans to make improvements to basic systems (roof, electrical, plumbing, HVAC, accessibility, and structure)

  • Loan type: First or second mortgage
  • Borrower Eligibility:
    • Credit: borrower’s FICO credit score of 580+;
    • Only available to owner-occupants.
    • Household incomes may not exceed 80% of the area median income for the size of household.
  • Loan Amount:
    • Combined loan amounts to value (CLTV) is 90%
    • Maximum loan amount is $10,000
  • Terms:
    • Interest rate is set by a margin over the corresponding treasury bill term 10 days prior to closing;
    • Amortization: 3-5 years fully amortizing with monthly payments
    • Loan payments must be made via an ACH with Borrower’s bank;
  • Other Conditions:
    • Work may only be completed by licensed contractors and house must comply with all local building codes upon completion of work.
    • Payments will be made jointly to borrower and contractor after work is completed.
    • Existing first mortgages must require escrows for taxes and insurance.
    • Homestead exemption: Owner must maintain homestead exemptions.
    • Home Owner Education: Borrowers must complete the free 8 hour post-purchase education with Southwest Michigan Community Development Corporation.
*Program funds are limited and subject to changes in terms and/or removal from the market at any time without prior notice.
**All loans are subject to availability of funds, program changes and removal from the market without prior notice.

Contact: homeloans@swmcdc.org or call (269) 968-1113

Property Tax Rescue Loans

The following is a description of a first mortgage loan program to provide funds to Battle Creek, Michigan area home owners who, through personal hardship or loss of employment, may be in jeopardy of their home being foreclosed for lack of payment of property taxes.

  • Loan Purpose:Loans are intended for homeowners in imminent danger of tax foreclosure (2-3 years delinquent) with the Calhoun County Treasurer’s office;
  • Property Type: Only single-family homes built on permanent slabs, crawl spaces or basements. Mobile homes are not eligible.
  • Title Seniority: Borrowers that own their homes free and clear of any other indebtedness may be eligible for a new first mortgage loan to pay all current and delinquent property taxes. Borrowers that have a first mortgage must obtain a subordination agreement from their first mortgage lender;
  • Borrower Eligibility: Household incomes may not exceed 80% of the area median income for the size of household (ex: $41,700 for a family of four). Borrower’s mortgage payment must be less than 45% of verifiable gross monthly income unless special situations apply.
  • MSHDA Step Forward Loans: Applicant’s for this program must demonstrate that they have previously applied to MSHDA for their Step Forward property tax funds or are deemed to be ineligible, before being considered for this program; To view the MSHDA Step Forward Program and make application, click on the following link https://www.stepforwardmichigan.org/.
  • Loan amounts: up to $10,000;
  • LTVs: The maximum loan to value for these loans is 50%, meaning that the current value of the home (established either by a current appraisal or the current SEV Value set by the tax assessor) is at least twice the amount being loaned;
  • Credit: These loans will be underwritten based predominately on the collateral value of the property and not on credit score alone. Borrowers must complete a full application before a determination may be made as to their eligibility.
  • Term of Loan and Affordability Period: The term of these loans is a maximum of five (5) years and requires the borrower to have a homestead exemption and occupy the home as his/her primary residence for the entire period of the mortgage;
  • Closing Costs and Fees: There are certain fixed costs associated with these loans that may make the effective Annual Percentage Rate significantly higher than the par rate of the loan. This is due to the relatively smaller size of these loans that cost almost as much as a larger loan to complete;
  • Escrow payments for property taxes and insurance: All loans require payments into an escrow account to be used for the payment of annual property taxes and property insurance coverage. Escrows may be financed into the loan amount;
  • Home Owner Training: Borrowers must complete NIBC’s Financial Fitness training prior to closing the loan.

Availability of funds for this loan program is limited and this program is subject to change or withdrawal from the market at any time without prior notice. Other terms and conditions may also apply. These are not grant funds and are required to be repaid in strict accordance with the mortgage terms and conditions.

Down Payment Assistance Loans

Loans to assist prospective home buyers pay closing costs and comply with down payment requirements. Buyers are required to execute a forgivable, “Non-Performing” second mortgage instrument for the amount of the loan. This mortgage is recorded, but has no monthly payments, and does not accrue interest. The mortgage must be repaid only if the property is sold, transferred, or ceases to be Buyer’s primary residence within the affordability period (5 years).

  • Loan Type: Second mortgage.
  • Borrower Eligibility:
    • First mortgage must originated by an institutional lender using conventional conforming underwriting
    • Credit: borrower’s FICO credit score of 580+
    • Only available to owner-occupants
    • Household incomes may not exceed 80% of the area median income for the size of household.
  • Loan Amount:
    • Combined loan amounts to value (CLTV) is 100%
    • Maximum loan amount is $1000.
  • Terms:
    • First mortgage must originated by an institutional lender using conventional conforming underwriting
    • Affordability Period: The affordability period is five (5) years. Borrowers must occupy the home as their primary residence, maintain homestead exemptions and allow periodic monitoring by NIBC to assure compliance.
    • If the home is sold or transferred during the affordability period, the borrower is required to repay all or a portion of the DPA Loan as specified in the forgivable note and second mortgage.
  • Title Company: must provide NIBC a copy of the executed HUD 1 Settlement Statement. Funding will be made to the title company closing the transaction for the first mortgage lender.
  • Home Owner Education: Borrowers must complete the 8 hour home buyer education with NIBC.

Contact: homeloans@swmcdc.org

*Program funds are limited and subject to changes in terms and/or removal from the market at any time without prior notice.
**All loans are subject to availability of funds, program changes and removal from the market without prior notice.

Homebuyer Assistance Terms and Guidelines

Other Home Repair Loan Funders

  • City of Battle Creek
  • Battle Creek Community Action
  • Chemical Bank
  • United Educational Credit Union

About the NMLS

The National Mortgage Licensing System and Registry (NMLS) is the sole system of licensure for mortgage companies for 54 state agencies and the sole system of licensure for Mortgage Loan Originators (MLOs) for 58 state and territorial agencies. NMLS is also the system of record for the registration of depositories, subsidiaries of depositories, and MLOs under the Consumer Financial Protection Bureau’s Regulation G (S.A.F.E. Mortgage Licensing Act – Federal Registration of Residential Mortgage Loan Originators), published December 19, 2011.