Self-Help Reinvest

•  A $10,500 zero-interest Second Mortgage Loan that can assist low to moderate income borrowers with their home purchase
•  Household income up to 100% Area Median Income (AMI)
•  First Mortgage must a be purchase transaction, fixed rate, max 30 year term and fully amortized
•  Owner-occupied principal residence only
•  Eligible property types: Single Family (attached or detached), 2-4 units, Condos (Modular excluded), Townhomes and PUDs
•  Housing counseling required by agency approved by Self-Help Reinvest

•  Property must be located in NC or Chicago metro region

BORROWER REQUIREMENTS

 

• Pre-Qualification Letter From Your First Mortgage Lender
• A List Of All People Who Will Live In The Home Being Purchased
• Must Not Have Ownership Interest In Any Another Property At Time Of Closing
• Must Complete Housing Counseling With Approved Counseling Agency Before Closing

• Most Recent 60 Days Of Bank Statements


Income Documentation 

• Most Recent 2 Yrs W2’s 
• Most Recent 2 Yrs Federal Tax Returns (All Schedules)
• Most Recent 30 Days Of Paystubs
• Ytd Profit & Loss Statement (Self-Employed Household Members)
• Last 2 Yrs Of 1099’s (Self-Employed Household Members)
• Award Letters –Social Security, Pensions, Workers Comp., Medicaid, Disability
& Other Sources Of Fixed Income

 

LENDER REQUIREMENTS

• Pre-Qualification Letter

• 1003 & Commitment Letter
• Appraisal
• Approval Docs

If approved, you will receive a $10,500 second mortgage with 0% interest and no monthly payments through Self-Help Credit Union. As a credit union, Self-Help can only offer services to our members. In order to obtain a mortgage from Self-Help, you therefore must become a member, which you do by opening up a membership account with the credit union. To do so, you must complete two forms: Personal Membership Application and New Share Selection & Signature Card. We will set up your membership (“new share”) account when your loan closes. Afterwards we will send you monthly statements, but you are not required to make any payments on your second mortgage until you sell the house or refinance your loan. You are welcome to contact us if you ever have any questions or need more information.

Apply for Down Payment Assistance Today

If you believe you meet the requirements and that you are a good candidate for a Self-Help Reinvest Second Mortgage, please begin the process by clicking "Apply Now".