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Self-Help Loan Pool
The Self-Help Loan Pool (SHLP) assists self-help housing organizations, like local Habitat for Humanity affiliates, to build homes for their homebuyers. The North Carolina Housing Finance Agency provides a mortgage that is combined with the mortgage offered by the nonprofit to fund the borrower through one affordable, interest-free first mortgage. Home buyers use the financing to purchase homes developed by Loan Pool members.
Interested organizations first seek Loan Pool Membership and approval of specific homeownership projects by completing an Application form.
For current program information, interested applicants and Loan Pool Members should review the Self Help Loan Pool Participation Guidelines.
Once approved as a Loan Pool Member, your organization serves as a liaison between our Agency and the home buyer, submitting the buyer’s loan application and making the loan reservation on a case-by-case basis. The borrower pays back the first mortgage “participation loan” – which is a combination of the Agency’s financing and the Loan Pool member’s funding – to the Loan Pool member. The member in turn makes monthly payments to the Agency for its share of the participation loan.
SHLP home must complete a minimum of eight hours of housing counseling. Your organization can either offer the education or partner with a counseling organization in the community. (For information on training for counselors, go to Workshops and Technical Assistance.)
Assistance for new houses, unsold builder inventory, and reconstructed (“gut rehab”) houses:
- The Agency provides up to $25,000 to the home buyer that is combined with the mortgage offered by the nonprofit to create one interest-free first mortgage. The assistance is targeted to home buyers with incomes below 80% of the area median income. To help cover costs associated with preparing the buyer, closing the New Homes loan, and related work, the Loan Pool Member is paid a fee of $1,000.
- If the home being purchased is certified to meet certain advanced performance standards (health, safety, durability and energy efficiency), Loan Pool Members can receive a $4,000 incentive grant under the SystemVision™ home-performance guarantee option.
- For homes that meet both SystemVision standards and any five approved green-building standards, members are eligible for an additional incentive grant of $1,000.
Assistance for existing houses that have been through foreclosure or have been persistently vacant and require rehabilitation:
In an effort to stabilize neighborhoods across the state by maintaining affordable housing stock, existing homes are eligible for SHLP financing. SHLP Members that have the capacity and resources to purchase and rehabilitate foreclosed and persistently vacant properties built after 1978 may reserve program funds for eligible properties. SHLP Members must have a qualified rehabilitation specialist on staff with the ability to oversee licensed home inspections and coordinate necessary home repairs. See page 8 of the Participation Guidelines for more information regarding existing housing.
For Your Home:
For a 30-year fixed rate (minimum 60-day lock-in) without NCHFA down payment assistance funds.
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