Saving for the unexpected
“Savings Account for Emergencies” (SAFE) Home accounts are available to Equity Boost home loan borrowers as a way to build a cash cushion for unexpected expenses, such as urgent home repairs or emergencies.
Why is Self-Help willing to contribute up to $4,000 to my SAFE Home account?
Our Equity Boost loans are for first-generation homebuyers, but equitable solutions can't stop at the initial investment. Not only is our contribution a continuation of our commitment to equity, but it also helps to ensure your investment is protected, which is a win for all of us.
Why is Self-Help willing to contribute up to $4,000 to my SAFE Home account?
Our Equity Boost loans are for first-generation homebuyers, but equitable solutions can't stop at the initial investment. Not only is our contribution a continuation of our commitment to equity, but it also helps to ensure your investment is protected, which is a win for all of us.
How it works
When you get an Equity Boost home loan from Self-Help, you will be given the option to open your SAFE Home account.
Self-Help will contribute a $2,000 deposit into your SAFE Home account to help jump-start your emergency savings.
Attend up to two free approved homeownership classes or one-on-one counseling sessions and receive an additional $1,000 from Self-Help for each class or session.
To qualify for any of Self-Help's contributions, you must set up automated deposits of at least $25 each month into your SAFE Home account for at least three years from when your loan closes.
Your personal monthly contributions are available to you at any time and will benefit from monthly dividends (meaning the more you accumulate, the higher your dividends).
The $2,000-$4,000 from Self-Help will be available to you three years after your loan closes, provided you have maintained automated monthly deposits into the account.
- Housing Counseling post-purchase one-to-one counseling sessions
- Self-Help Financial Coaching one-to-one sessions free to members
- GreenPath Financial Coaching one-to-one sessions free to members
To find a HUD-approved agency, use either of these resources: