Self-Help Home Loan Helps Single Mom Build Her Dream

Elizabethtown, NC – Persevering through the hardships of a divorce and a home foreclosure, home health care nurse Keona Melvin is celebrating the purchase of her new home in Elizabethtown.  The loan was financed by Self Help Credit Union.

After her divorce, Ms. Melvin became the primary provider for her children. Then, stuck in an Adjustable Rate Mortgage (ARM) whose monthly payment became unaffordable, her home was foreclosed on.

But she didn’t lose hope.  Living frugally for three years, raising her family and saving money for the down payment and closing costs on the purchase of her new home, Ms. Melvin qualified for a fixed rate home loan with 3% down payment and minimal closing costs.

With the help of Self-Help Mortgage Loan Officer Valjeanne Estes, she was able to take advantage of the Federal Housing Tax Credit of up to $8,000 for home buyers who meet the income limits and have not owned a home in the past three years.  The tax credit was included as part of the American Recovery and Reinvestment Act of 2009.

“If you work hard and don’t give up, keep trying…everything will work out fine,” Ms. Melvin advises.

Loan Officer Estes notes that Ms. Melvin is the type of client that Self Help best serves. “While her credit report has not yet recovered from the foreclosure, she has”, Ms. Estes notes. “Her credit behavior of paying her rent, utilities, phone, cable and car insurance on time let us know she was ready to purchase a home.”

Ms. Melvin continues to look forward.  “I have plans for the future to landscape, close in the carport and add a second bathroom” she says.