The Self-Help Loan Pool (SHLP) offers resources to self-help housing organizations, such as local Habitat for Humanity affiliates, to increase home ownership development, help buyers get into their new homes and stabilize existing neighborhoods.
Through the SHLP program, the NC Housing Finance Agency offers permanent mortgage financing, which can be combined with the self-help organization’s mortgage funds to provide single, interest-free, mortgage loans for eligible home buyers. The sales price cannot exceed the sales price limit for the county.
Each home completed through the Self-Help Loan Pool is eligible for a funding package that includes:
- Up to $30,000 of mortgage financing at 0% interest for the home buyer
- $4,000 development subsidy for homes constructed to SystemVision™ standards for new homes
- Up to $6,000 in development subsidies for homes constructed to SystemVision™ standards for existing homes
- Up to $1,000 incentive for specific green building certifications
- $1,000 fee for pre-purchase preparation and counseling
To participate, home buyers must have a household income at or below 80% of the median income for their county and must complete eight hours of home buyer education and, if needed, home ownership counseling. You can either offer the home buyer education or partner with a local housing counseling agency.
SHLP members are responsible for submitting the required documentation to the Agency and making the loan reservation on behalf of the borrower. If funding is awarded, the borrower pays the first mortgage “participation loan”—a combination of Agency funding and SHLP funding—to you. Your organization then makes monthly payments to us.
If you are seeking membership in the Self-Help Loan Pool, we invite you to complete a membership application. Members must submit required application forms in order to participate in any portion of the SHLP.