Dear Real Estate Adviser, I’m permanently disabled, but would really like to buy a home of my own. Are there any programs out there for disabled homebuyers?
The Fannie Mae Homepath loan is a defunct mortgage program which. Framework of a livable community for adults with disabilities. Chapter 2: Provide Affordable, Appropriate, Accessible Housing. Sensus Unipro Software here. Selling Guide Announcement SEL-2015-10 September 29. Fannie Mae has retired the Community Solutions ™ and Community HomeChoice. From Fannie Mae The Fannie Mae Community HomeChoice. Connecticut’s Home of Your Own Program offers below-market interest. 5 worst markets for Q4 2015.
— Paul Dear Paul, Yes, there are some programs that can help you fulfill the dream of homeownership, but not nearly enough of them. With more than 40 million Americans living with some form of physical disability, only a small percentage experiences homeownership. Moreover, a disproportionate amount of aid is for rental assistance instead of homeownership. Ostensibly, you’re supposed to be protected by the Fair Housing Act, which prohibits providers such as lenders, sellers and real estate brokers from discriminating against disabled homebuyers. But the numbers don’t support that. People with disabilities average below the 30 percent level in income and typically can’t qualify for mortgages without significant help.
But don’t let that deter you from exploring all options and remaining persistent with application submissions and follow-ups. Your odds will improve even more, I believe, if you enlist a family member or friend with homebuying experience to aid in your quest for inclusion. The process can be daunting for any first-time buyer, given the inherent frustrations, setbacks and reams of red tape. So please, don’t go it alone.
Here’s a partial list of available programs to help disabled homebuyers. • From the Department of Housing and Urban Development HUD’s Homeownership Voucher Program assists disabled and low-income individuals and families by subsidizing monthly mortgage payments or rent payments through vouchers. The first step is to contact your local public housing authority, or PHA. Unfortunately, many PHAs don’t offer homeownership as an option. HUD does have housing counselors in every state who are certified to assist individuals with special needs and they may be able to guide you to other programs that help fill any gaps. For a state-by-state listing of HUD-approved counselors, go to hud.gov/offices/hsg/sfh/hcc/hcs.cfm.