| An essential part of the American dream has always | | | | goal is to help buyers purchase a home that offers |
| included home ownership. People with mental or | | | | greater accessibility, or to retrofit their current abode. |
| physical limitations also share this dream, and for them, | | | | The Community HomeChoice with PHFA Access |
| owning their own home can mean an independent life | | | | Modification program is for people who don't qualify for |
| for the first time ever. While their disabilities may pose | | | | a standard PHFA home loan. The access modification |
| some limitations on the number of suitable properties | | | | component is an interest-free, subordinated loan that |
| on the market, often their biggest hurdle is a lack of | | | | doesn't need to be repaid as long as the buyer |
| financial resources. | | | | continues to use the home as his primary residence. |
| Depending on the type and severity of the disability, a | | | | There are a number of eligibility requirements, so |
| person might not be able to work full-time. If that's the | | | | contact Fannie Mae for more details. |
| case, he or she is likely dependent on income | | | | Habitat for Humanity |
| assistance. Typically, income assistance barely pays | | | | Habitat for Humanity (HFH) has provided more than 1 |
| enough for a person to scrape together a living, never | | | | million people around the world with homes to live in. |
| mind buy a house. Fortunately, there are programs out | | | | For low-income families and persons with disabilities, |
| there that offer financial assistance to disabled buyers, | | | | HFH homes are simple, safe, and affordable. The |
| thus empowering them to gain independence and own | | | | houses are built by volunteers and by the "partner |
| their own home. | | | | families" who are seeking housing assistance. |
| FHA-insured Loans | | | | Habitat homes are sold for zero profit, which means |
| FHA-insured home loans aren't strictly for people with | | | | that the mortgage payments are very low. Habitat for |
| disabilities, but assist all low-income earners with buying | | | | Humanity is also a big believer in creating accessible |
| a house. If the following statements apply to your | | | | housing—with elements such as zero-step |
| situation, you may be interested in learning more about | | | | entranceways, and extra wide doorways and |
| FHA-insured loans: | | | | hallways to accommodate wheelchairs and other |
| -you're a first time buyer | | | | mobility devices. To learn more about how to apply for |
| -your credit is flawed, or hasn't been established | | | | a HFH home, please visit Habitat.org. |
| enough to have a high score | | | | Homes for our Troops |
| -you don't have enough money for a traditional down | | | | Homes for our Troops is a non-profit program that is |
| payment | | | | designed to help permanently injured veterans buy |
| -you need to maintain low monthly payments over the | | | | their own homes. Through fundraising and volunteer |
| course of the mortgage | | | | labor, the organization either builds a new home for the |
| FHA loans are a very attractive option for low-income | | | | veteran, or retrofits an existing home to accommodate |
| buyers. Their benefits include: | | | | their disability. For more information on this reputable |
| -a smaller down payment. The amount required is just | | | | program, visit their website at |
| 3.5 %, and the down payment can come from an | | | | HomesForOurTroops.org. |
| employer, family member, or charity. | | | | In addition the programs mentioned above, many |
| -less stringent qualifications. People with less than | | | | states also have their own financial aid programs |
| stellar credit can apply for FHA-insured loans, and | | | | available for disabled buyers and low-income earners. |
| because the loan is insured by the FHA, banks may be | | | | Your realtor may know of local assistance programs, |
| willing to relax their application standards. | | | | or you can visit the website for The National |
| Fannie Mae Community HomeChoice with PHFA | | | | Organization on Disability. They have an extensive list |
| Access Modification | | | | of organizations located around the country that help |
| This program from Fannie Mae offers financial aid for | | | | those with disabilities. Go to Nod.org, and click on |
| people with disabilities, or for those who share a | | | | Information & Resources for more information. |
| residence with a person that has a disability. Its primary | | | | |