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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.
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"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.
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"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.
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"SAFE Home" Accounts for Equity Boost Borrowers
Jump-starting emergency savings for successful homeownership.
- 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.
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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.
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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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I'm here and ready to help. Give me a call today!
With thanks,
Maria Sedda
(336) 217-1217 x 3122
maria.sedda@self-help.org
NMLS ID #1454307
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