Dear valued member,
I’m excited to share that Self-Help Credit Union is expanding our mortgage lending! We’ve created new loan products to serve more borrowers, especially first generation homebuyers.
Highlights of Self-Help's New Loan Products:
Equity Boost:
- 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.
- Competitive rates based on LTV and credit.
Self-Help 100:
- 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.
We continue to offer fast turnaround times, 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 payment (as low as $0) if they are on an Income Driven Repayment plan.
- Up to 50% debt-to-income ratio allowed in some cases
- 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.
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