Self-Help Credit Union Equity Boost Home Loan

What is Self-Help Credit Union Equity Boost Home Loan?

Self-Help Credit Union Equity Boost Home Loan is a first mortgage for homebuyers in Statewide, North Carolina, administered by Self-Help Credit Union.

• Self-Help Credit Union's Equity Boost is a 0%-down first mortgage for first-generation homebuyers and modest-income borrowers, with income limits at 80% AMI (or 150% AMI for first-generation buyers). It features no PMI, financeable closing costs, a 580 minimum credit score, and alternative-credit consideration. A companion product, Self-Help 100, offers 0%-down loans with no income or purchase-price limits.
• 0% down payment.
• No PMI.
• 580 minimum credit score.
• Alternative credit accepted.
• First-generation income limit up to 150% AMI.
• Closing costs financeable.

Do you have to pay it back?

Self-Help Credit Union Equity Boost Home Loan is a first mortgage and is repaid under the terms set by Self-Help Credit Union.

• The assistance is recorded in 1 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Self-Help Credit Union Equity Boost Home Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

Self-Help Credit Union Equity Boost Home Loan limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% AMI, OR 150% AMI if borrower is a first-generation homebuyer (200% in high-cost areas).
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Self-Help Credit Union Equity Boost Home Loan can be used for Single Family, Condo, and PUD.

• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Self-Help Credit Union Equity Boost Home Loan names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, buyers with disabilities, and first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Self-Help Credit Union Equity Boost Home Loan serves buyers purchasing in Statewide, North Carolina.

How do you apply?

Applications for Self-Help Credit Union Equity Boost Home Loan go through Self-Help Credit Union, which publishes the current terms and the application steps on its own site.

1. 1

   Contact Self-Help Credit Union to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.