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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.
Tina Webb-Bouttry

I'm here and ready to help. Give me a call today!
 
With thanks,
 
Tina Webb-Bouttry signature
Tina M. Webb-Bouttry
(704) 409-5937
tina.webb-bouttry@self-help.org
NMLS ID #1514439
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Self-Help | 301 West Main Street, DurhamNC 27701 | (919) 956-4400

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


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