Financing Your Self-Help Home
Financing Options for Self-Help Homes
What makes us different from other homebuilders and developers?
Instead of focusing on making money on the sale of our homes, our main focus is on providing a homeownership opportunity with fair and responsible financing and the lowest mortgage payment possible.
How do we help buyers get a low mortgage payment?
We will ask for information about income as well as a lender pre-qualification and good faith estimate. Our goal is to ensure that the total monthly debts are no more than 41% of monthly income. We will also make sure buyers are aware of any special financing opportunities they may be eligible for.
Do buyers have to get a loan from Self-Help Credit Union?
No—buyers can get a loan from any lender, as long as it is a 30 year loan, has a fixed interest rate, and has monthly payments that are affordable. While we can assist buyers in applying for a loan to help with down payment, they must qualify for a primary loan with a lender.
Financing Your Self-Help Home
Without a fair and affordable home loan, the dream of homeownership is out of reach for many people. We assist our buyers in lining up the best financing for their home. A 30 year mortgage with a fixed interest rate ensures you peace of mind.
Can I Choose My Own Lender?
Yes. You can finance your Self-Help CDC home with any lender, as long as the lender provides you with a 30 year loan and a fixed interest rate.
What if I Don't Qualify For a Loan?
If homeownership is a goal for you, we encourage you to call us. Our staff can help you to identify any issues that stand between you and owning a home. We can help you design a plan to reduce debt, improve credit, and save money.
Tips for Getting the Best Financing on a Self-Help Home
- Get pre-qualified/pre-approved early. Buyers who plan to make an offer on a Self-Help home should inform their loan officer at time of pre-qualification. We can provide the loan officer with information about special financing. They will need this information to provide an accurate loan pre-qualification or pre-approval.
- Submit a complete application to Self-Help CDC. Income information (paystubs, W2, tax returns) and full lender pre-qualification will be needed to assess eligibility for financing options.
- Don’t be afraid to call! If a buyer, lender, counselor, or Realtor is not sure about something, call us right away.
