Homeowners

Loan Guidelines

• Credit score of 650 or better
• Applicants with credit scores between 500-650 are submitted to the Credit Committee for further review
• Loan amounts ranging between $1,000 and $50,000
• Interest rates as low as 6.00% APR* Terms up to 5 years

Step One: Fill out the Loan Application packet completely (the property owner must be the primary applicant), attach the necessary proof of income documents and the required $25 loan application fee. Qualifications for being approved for a low interest rate loan primarily include: creditworthiness, income, and home ownership. Make sure to provide as much income information as possible with the application in order for the underwriter to make a sound decision. If more information is needed, the property owner(s) will be contacted by the Loan Underwriter.

Step Two: If the loan is approved, the property owner(s) will be notified by the Underwriter or the Loan Officer to discuss the next steps and/or the financing options.

Step Three: The property owner(s) will obtain quotes from SELF’s Approved Contractor List. It is recommended to obtain more than one quote from multiple contractors from this list. (SELF will only provide financing for improvements completed by SELF’s approved contractors.)

Step Four: Once the contractor(s) has/have been chosen, the property owner(s) will contact the Loan Officer to schedule a consultation and/or a loan closing appointment. The loan will be closed for the amount of the quote(s) less any utility cash rebates. SELF will issue a letter to the contractor(s) to proceed with the improvements.

Step Five: When the improvements are complete, SELF will obtain the final paperwork from the contractor(s). SELF will proceed with the disbursement of funds (payment(s) to the contractor(s)), if the improvements are satisfactory to SELF standards.