Self-Help Credit Union logo
Self-Help mortgage borrower Denya Wilson on her porch

Dear valued member,

I’m excited to share that Self-Help Credit Union is expanding our mortgage lending! We’ve created new loan programs to serve more borrowers, especially first-generation homebuyers.

"Equity Boost" Loans

Great fit for for first-generation homebuyers with lower incomes and limited savings.
  • Minimum credit score 580
  • No PMI (private mortgage insurance)
  • 105% LTV to allow some closing costs to be financed into the loan. 
  • Income limits:
    • ≤ 120% AMI if buyer is a first-generation homebuyer. 
    • ≤ 80% AMI for all other buyers; purchase price limits apply. 
  • Can be combined with other down payment assistance programs, if available.
  • Paired with our "SAFE Home" accounts. When Equity Boost borrowers set up automatic contributions to their SAFE Home account, Self-Help will deposit $2,000 into the account to jump-start their emergency savings.
  • Competitive rates based on LTV and credit. 
  • Requires a minimum borrower contribution of 1% from their own funds.

"Self-Help 101" Loans

0% down payment, with no income or purchase price limits. 
  • Minimum credit score 620
  • No PMI (private mortgage insurance)
  • 100% LTV (no down payment required)
  • No income or purchase price limits.
  • Competitive rates based on credit.

"SAFE Home" Accounts for Equity Boost Borrowers

Jump-starting emergency savings for successful homeownership.

piggy bank

  • With our SAFE Home program, Self-Help contributes $2,000 to the borrower's savings account. To access it, the borrower is required to contribute $25/month into the account via ACH for three years.
  • If the borrower runs into financial problems during this time, Self-Help can access the SAFE Home account to assist them.
  • Participants receive a homeowner resource guide, which offers tips for maintenance, approximate life and cost of systems and appliances, information on mortgage servicing and more.
  • Equity Boost borrowers borrowers are eligible.
  • All our borrowers have access to free financial coaching resources through Self-Help and our partner Greenpath.

Flexible underwriting for all borrowers

We offer fast turnaround time, competitive rates and greater financing flexibility to all our borrowers. For example:
  • Student loan debt flexibility: In most cases, we can qualify borrowers based on a lower student loan repayment (as low as $0) if they are on an Income Driven Repayment plan.
  • DTI: Up to 50% debt-to-income ratio allowed in some cases.
  • Credit: We can accept alternative credit.
Even during a time of rising house prices, we are focused on boosting homeownership for first-time buyers and helping renters become owners sooner. With flexible underwriting guidelines and low down payment options, we have the tools to make it happen.
Maria Sedda
I'm here and ready to help. Give me a call today!

With thanks,
Maria Sedda signature
Maria Sedda
(336) 217-1217 x 3122
NMLS ID #1454307
equal housing lender logo
Facebook Facebook
Twitter Twitter
Website Website
YouTube YouTube
Instagram Instagram
Self-Help | 301 West Main Street, DurhamNC 27701 | (919) 956-4400

For member services, please call 1-800-966-7353

Want fewer emails?
update subscription preferences here


     unsubscribe from this list

View this email in your browser