Home Loans

Q:  What type of home loans do you offer?
A:  We offer first mortgage loans, and we offer mortgage refinancing.  We also offer a home equity line of credit (HELOC) to eligible members through our full service credit unions.  We specialize in serving borrowers with less than “perfect” credit.  Flexible requirements and a range of loan options combine to offer mortgages designed to meet the financial needs of our members. 

Q:  Do I Have To Be A Member of Self-Help to apply for a home loan?
A:  Yes, an applicant must be a member, or become a member, of Self-Help or one of our full service credit unions to be eligible for any of our loans. 

Q:  How can Self-Help help me with a mortgage if other banks won’t?
A:  Self-Help doesn't compete with other banks—we specialize in loans that they can't make. If you have credit problems or other issues that prevent you from getting a bank loan, Self-Help will show you how to resolve those issues. We use common-sense underwriting guidelines that take into account your individual situation.
 
Q:  What’s the difference between a mortgage from Self-Help and a loan from a finance company?
A:  Many who can't get loans from conventional banks turn to finance companies. Unfortunately, these companies may charge higher rates and fees, or offer "teaser" rates that quickly increase; many times these loans have hidden fees that are not made clear until closing. Self-Help is a community-based credit union dedicated to helping people become homeowners. There are no hidden fees or charges attached to our loans; in fact, we offer some of the lowest fees in the industry.

Q:  What are Self-Help’s fees and interest rates?
A:  Our rates and fees are quite low when compared to other non-conforming lenders. We have a 1% origination fee with NO discount points, underwriting and doc prep fees, credit life insurance or prepayment penalties. We think you'll find Self-Help has the lowest loan fees in the industry. Our loans have no PMI, effectively reducing the monthly payment. Our rates are based on loan-to-value.  The more money you put down, the lower your interest rate.

Q:  How much money can I borrow?
A:  Up to $225,000 in North Carolina, more in the DC metro area.

Q:  How much down payment will I need?
A:  The amount you will have to contribute depends on the size of the loan and other factors like your credit. Some loans require only $500, but most require that you contribute at least 2-3% of the sales price from your own hard-earned money. Additional down payment money can come from gifts, a local Dow payment assistance program, or a second mortgage from the seller.

Q:  Does Self-Help require PMI?
A:  Most Self-Help loans do not require private mortgage insurance.  When comparison-shopping, it is important to keep this in mind.