Through the Self-Help Loan Pool (SHLP) program, the NC Housing Finance Agency offers up to $35,000 in mortgage financing to assist eligible buyers purchase homes built or rehabilitated by a SHLP Member, which usually is a local NC Habitat for Humanity affiliate.
The SHLP Member provides mortgage financing that is combined with NCHFA funds to provide a single, affordable mortgage that typically is structured as a 0 percent, amortizing loan with a term from 20-33 years. The home buyer makes their mortgage payment to the SHLP Member (or their designated Loan Servicer) who is responsible for sending the NC Housing Finance Agency the pro-rata share of the payment.
Eligible Home Buyers:
To be eligible for SHLP funding, a home buyer must already be a participant in a self-help housing program (i.e. helping with the construction or rehab of the house they are buying) as well as meet SHLP program guidelines, which include:
- Household income at or below 80 percent of the Area Median Income.
- Completed an approved home buyer education course and at least two hours of housing counseling.
- Buyers must be purchasing a new or rehabilitated home from a SHLP Member that is less than the maximum sales price limit for the county.
Interested home buyers should contact a SHLP Member for additional information.
SHLP members are responsible for identifying eligible home buyers, ensuring the home buyer(s) complete approved home buyer education and housing counseling (at least two hours), submitting the SHLP loan application with required documentation, and coordinating the loan closing. In exchange for these services, the Agency pays the Member a $1,500 service fee for each SHLP loan closed.
In addition, SHLP Members that develop homes certified under SystemVision™ or other approved Green Building Standards may be eligible to receive the following fees:
- Up to $5,000 for meeting SystemVision™ for New Home standards.
- Up to $6,000 for meeting SystemVision™ for Existing Home standards.
- $1,000 for meeting any of the five Agency approved Green Building standards.
Organizations interested in becoming a SHLP Member need to complete a Membership Application.