What is Mutual Self-Help (MSH) housing and what does it mean to me?
The MSH housing program is about offering home ownership to first time homebuyers with limited income in a very unique way. It does not waive the requirement for good credit, stable income, and the ability and willingness to meet your future debt payments including a home loan payment. In that way it really is no different than the home loan that you might apply for just about anywhere else. However there are two unique features that make it different, and for some more attainable, than other home loans. Participation in the building of your and your neighbor’s homes as part of a Building Group Membership is required (no building experience necessary) and is one of the unique features. The other unique feature has to do with your home loan payment. Your home loan payment is generally lower than other home loan payments as it is based on your income and not the current interest rate as determined by the market place! Some Building Group Members rates are as low as 1%; others may be at o
