Financial Aid Programs for Disabled Home Buyers

An essential part of the American dream has always included home ownership. People with mental or physical limitations also share this dream, and for them, owning their own home can mean an independent life for the first time ever. While their disabilities may pose some limitations on the number of suitable properties on the market, often their biggest hurdle is a lack of financial resources.

Depending on the type and severity of the disability, a person might not be able to work full-time. If that's the case, he or she is likely dependent on income assistance. Typically, income assistance barely pays enough for a person to scrape together a living, never mind buy a house. Fortunately, there are programs out there that offer financial assistance to disabled buyers, thus empowering them to gain independence and own their own home.

FHA-insured Loans

FHA-insured home loans aren't strictly for people with disabilities, but assist all low-income earners with buying a house. If the following statements apply to your situation, you may be interested in learning more about FHA-insured loans:

You're a first time buyer
Your credit is flawed, or hasn't been established enough to have a high score
You don't have enough money for a traditional down payment
You need to maintain low monthly payments over the course of the mortgage FHA loans are a very attractive option for low-income buyers. Their benefits include:
- a smaller down payment. The amount required is just 3.5 %, and the down payment can come from an employer, family member, or charity.
- less stringent qualifications. People with less than stellar credit can apply for FHA-insured loans, and because the loan is insured by the FHA, banks may be willing to relax their application standards.

Fannie Mae Community HomeChoice with PHFA Access Modification

This program from Fannie Mae offers financial aid for people with disabilities, or for those who share a residence with a person that has a disability. Its primary goal is to help buyers purchase a home that offers greater accessibility, or to retrofit their current abode.

The Community HomeChoice with PHFA Access Modification program is for people who don't qualify for a standard PHFA home loan. The access modification component is an interest-free, subordinated loan that doesn't need to be repaid as long as the buyer continues to use the home as his primary residence. There are a number of eligibility requirements, so contact Fannie Mae for more details.

Habitat for Humanity

Habitat for Humanity (HFH) has provided more than 1 million people around the world with homes to live in. For low-income families and persons with disabilities, HFH homes are simple, safe, and affordable. The houses are built by volunteers and by the "partner families" who are seeking housing assistance.

Habitat homes are sold for zero profit, which means that the mortgage payments are very low. Habitat for Humanity is also a big believer in creating accessible housing—with elements such as zero-step entranceways, and extra wide doorways and hallways to accommodate wheelchairs and other mobility devices. To learn more about how to apply for a HFH home, please visit Habitat.org.

Homes for our Troops

Homes for our Troops is a non-profit program that is designed to help permanently injured veterans buy their own homes. Through fundraising and volunteer labor, the organization either builds a new home for the veteran, or retrofits an existing home to accommodate their disability. For more information on this reputable program, visit their website at HomesForOurTroops.org.

In addition the programs mentioned above, many states also have their own financial aid programs available for disabled buyers and low-income earners. Your realtor may know of local assistance programs, or you can visit the website for The National Organization on Disability. They have an extensive list of organizations located around the country that help those with disabilities. Go to Nod.org, and click on Information and Resources for more information.

Rate Article

Related Videos
Play Video First Time Home Buyer Programs	Play Video Home Buyer Beware	Play Video Home Buyers Remorse: Haunted House	Play Video Home Buyers Remorse	Play Video How to Buy a First Home

Listed below are more articles related to the above article from the "Finance" article category.

People interested in the above article "Financial Aid Programs for Disabled Home Buyers" are also interested in the related articles listed below:

 

Have Bad Credit And Bills To Be Paid? Get Fast Cash To Solve Your Issue

Many times, due dates of bills are next, and our payday seems far away in the horizon. Taking the money you need from an ATM is possible, if you have a credit card, of course, if the bill that must be paid is your credit card's, borrowing the money from an ATM will not be a possibility. Accepting to pay interests and penalty fees due to the late payment, paying those bills out of time is another option, but it will sooner or later happen to affect your credit score. Payday loans may help you pass through that uncomfortable situation, even if you have bad credit.

Debit Cards And Credit Cards Comparisons Pointless?

It surprises me to see two or three more articles every month about debit and credit card comparisons. One wonders what drives financial advisors to compare two completely different products that have a single thing in common: the material or substance of which they are made. Other than that, I did not see a good reason for comparing a debit card to a credit card. And though I still resist to compare them as if they where similar financial products, a colleague pointed out to me the benefits of measuring up how each product fulfils its purpose.

Car Purchase: Save Enough To Avoid Financing

At some point almost everybody resorts to financing when purchasing a car. However, it is a good idea to avoid doing so if at all possible. The reason? The costs of financing will add up to an asset that depreciates very quickly and therefore it will turn out to be more expensive than imagined. Not all secured loans behave this way as properties tend to increase in value (though falling right now) but when it comes to car purchases, you may wonder if it makes sense to keep paying installments as if the car was new when the price will be reduced after six months to less than 80 per cent of the purchase price.

Financing A New Car In A Tight Economy

If you are looking to buy a new car, now is the time to do so. Most borrowers are thinking that buying a new car with the economy tight and the global economic crisis in full swing will be difficult. On the contrary, now is the best time to buy.

Bad Credit And The Costs Of Financing

Bad credit has usually terrible consequences for the finances of those that suffer it. Particularly, when it comes to obtaining funding for any purpose, the costs associated with financing for those with a bad credit score or history are significantly higher than that of those with a regular credit for similar financial products. The costs are also affected by other variables like the type of product under consideration but the credit score issue is probably the most important factor.

Getting Finance For Organizing Christmas Celebration

Christmas Celebrations can be really expensive. At this time of the year, there are many additional expenses to cover for and sometimes you just need finance to cover for them. However, you need not worry as when Christmas time arrives, lenders tend to offer special loans with promotional rates and very advantageous terms to finance present purchases, food, decoration, etc.

Finding A Solution To Commercial Disputes

In the world of commerce and industry there are always conflicts stemming from all sorts of sources. Sometimes commercial disputes are a result of debts that remain paid; faulty products that were bought or even the rare scenario of a person not performing his part of a binding contract. Whatever the case may be commercial disputes involve money and that's all that counts.