In this program, Self-Help Ventures Fund partners with other lenders to help more home buyers across the country access affordable, fair mortgages. Our partners include large nationwide banks as well as smaller mission-focused lenders. Recently we have purchased nearly 2,500 loans totaling more than $131 million from smaller lenders. These purchases help our partners serve a variety of niche markets, including loans to families with lower credit scores and loans that promote greater energy efficiency.
Responsible Mortgages with Low Down Payments
Self-Help has a long history of secondary market initiatives that support affordable home loans; currently we are proud to be partnering with Bank of America and Wells Fargo. The Bank of America and Wells Fargo mortgage programs vary in some of the details, but both offer these advantages to home buyers:
- A down payment as low as 3%
Borrowers may fund their down payment with an affordable second loan, grant or cash on hand
Credit history may be based on non-traditional forms of credit
No mortgage insurance costs for borrowers
Homeownership education and counseling
Loan amounts can go up to $417,000; applicants’ income cannot exceed 100 percent of the area median income. The homebuyer must live in the house—no investor properties.