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Owner Built Housing

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2012-09-27 11.47.08
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IS THIS YOURS?

                  

SSH
 

IT COULD BE!

 WHAT IS OWNER-BUILT or SELF-HELP HOUSING?

 

A place to call home is what most of us wish for and work towards. For many, it  simply seems like a dream, but it can be a reality! 

Mountain Projects, Inc. is looking for families to build their own affordable homes through USDA’s Self-Help Housing Program and become homeowners instead of renters.

 Groups of families work together to help each other build homes under the guidance of a construction supervisor. The groups provide at least 65% of the construction labor. Hard work is the key, along with a willingness to work cooperatively with other participants. Homes are usually completed within six months of breaking ground.

 Labor provided by the families reduces the cost of the homes approximately 30%. This reduction in conjunction with low interest rates and no down payment can make home ownership affordable for you.

 With the Self-Help Housing you must be eligible for a Rural Development loan and be willing to participate in a construction group.

WHAT ARE THE TERMS OF

THE RURAL DEVELOPMENT LOAN?

  •  No down payment
     
  •  Many borrowers qualify for an interest rate subsidy. This subsidy can reduce interest rates to as low as 1 % based on family income 
     
  • 33-year repayment period

  • Borrower is required to pay for Builder's Risk or Homeowner's Insurance before construction starts
     
  • Loan payments are adjusted annually based on increases and decreases in income

 

Maximum Adjusted Income

(persons per household)

1 person              $30,700

2 persons             $35,100

3 persons             $39,450

4 persons             $43,850

5 persons             $47,350

 A minimum income of $17,000 would typically be required to qualify for the loan.

 

AM I ELIGIBLE FOR A

RURAL DEVELOPMENT LOAN?

 

  • You must meet income requirements listed in the chart
     
  • You are a reasonable credit risk
     
  • You have established a minimum of six months stable employment
     
  • Your monthly debt will meet qualifying ratios set by USDA
     
  • Credit check fee of $35.00 at loan packaging        

 

WHAT ARE THE CONSTRUCTION

REQUIREMENTS?

 

  • Work under the guidance of a construction supervisor
     
  • Agree to a predetermined amount of hours per adult family member
     
  • All houses must be completed before any families move in 

 

HOW DO I APPLY?
 If you want more  
information on
Owner-Built Housing
/
Self-Help Housing, call for an
appointment:  

Call Anna Rogers at

828-452-1447 ext. 127

or 1-800-627-1548 

 

Like us on Facebook!

www.facebook.com/OwnerBuiltHousing

 

It’s time to make your move. When the bank says no, this is your next step. Homeownership is within your reach, so reach out to us.

 newlogo      usda     fheo_

 “These institutions are equal opportunity providers and employers.”

 

www.MountainProjects.org

Owner Built Housing

2251 Old Balsam Road Waynesville NC 28786

Phone:(828)452-1447
Fax:(828)452-9454
TDD:(828)452-2038

25  Schulman Street Sylva NC 28779

Phone:(828)586-2345
Fax:(828)586-9401

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