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What is Mutual Self-Help Housing?
Mutual Self-Help Housing: 5 - 7 families or individuals working together with a professional construction supervisor to make their dreams of homeownership come true.
You May Be Eligible for Self-Help Housing if:
You meet the income requirements.
You are a reasonable credit risk.
You have established one year of stable income.
You meet qualifying debt ratios.
The Construction Requirements:
Work under the guidance of a professional construction supervisor.
Agree to work with the group at least 14 hours a week per family.
All homes must be completed before any family moves into their home.
Homes must be built in the Wesley Meadows Community, Warne, NC.
Complete an appoved Home Buyer Education Course before construction begins.
Terms of the Rural Development Loan:
Hinton Center will assist you with the loan process.
Start with Equity in your home! Equity is earned when families participate in the construction of their home.
Example: The typical family may achieve an average of $25,000 sweat equity.
Borrowers may qualify for an interest rate subsidy as low as 1% based on family income.
Example: A $110,000 loan could have a mortgage payment as low as $326 at an interest rate of 1%.
Loan payments will be adjusted annually as household income changes.
Advantages of a Self-Help Housing Program:
The Advantages of Self-Help Homeownership
Modern, convenient, well-built.
Energy efficient.
Quality materials.
Low maintenance.
Designed for your needs.
Modern appliances.
The Advantages of Self-Help Affordability:
Payments based on ability to pay.
No down payment.
Save money by Self-Help.
Invest in your home and your future.
Guaranteed Energy Cost.
USDA financing makes it possible now.
The best financing for new construction in the country with USDA-Rural Development.
The Personal Benefits of Self-Help Housing:
Sense of accomplishment.
Self-reliance and independence.
Self-improvement.
Sense of happiness and security.
Community team building.
Better environment for your family.
Getting out of a rental that will never be yours.
Doing it yourself and being able to maintain it afterwards.
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