Home Ownership Options Without Government Assistance- Cochran Firm Reports on Home Ownership
People with disabilities have options to assist in home purchases.
One of the largest private organizations that helps lower income people own their own home is Habitat for Humanity. Habitat has over 1,500 branches across the United States and has built or repaired over 600,000 houses since 1968. Basic requirements for receiving help from Habitat are residency, steady income that falls within a specific range, good credit and a savings account, and the ability to make a down payment and continued mortgage payments. In addition, Habitat expects the new home-owner to help build their house as well as help others, but that does not necessarily disqualify people with disabilities. A person may call 800-422-4828 to locate a local affiliate for an application.
FannieMae offers a program called MyCommunityMortgage ® that allows low to moderate income borrowers to purchase a home with nothing to 3% of the price down potentially saving thousands of dollars in upfront costs. (https://www.fanniemae.com/content/fact_sheet/mcm-product-matrix.pdf). Unlike many mortgage companies and banks, the down payment and closing costs, if needed, may also be paid for through the use of grants, gifts and other assistance. Another advantage is that the loan term can be extended to 40 years, reducing the monthly payment.
Severely injured veterans who have been injured as part of their active duty since September 11, 2001 have an additional resource available to them. Home for our Troops (HFOT) has already built 133 homes which they have then provided to a veteran at no cost to the veteran. HFOT uses donated materials, labor and access to the Veterans Administration Specially Adapted Housing Grant which provides up to almost $65,000 towards a homes’ construction. More information about Homes for our Troops can be obtained on their website at www.hfotusa.org.
Some individual states also offer programs to help people with low incomes or disabilities obtain home-ownership. A comprehensive list of programs available by state can be found on Disabled World’s website at http://www.disabled-world.com/disability/finance/american-home-loans.php.
Enjoying the benefits of home-ownership can be a huge benefit to many people. Disabilities should not prevent someone from purchasing and owning property they can call their own.
About the Cochran Firm
Recognized as one of the nation’s premier law firms, The Cochran Firm handles cases on behalf of clients seeking a Personal Injury Lawyer, Criminal Defense, Medical Malpractice, Bankruptcy Attorney in Atlanta or Social Security Disability Lawyer. The Firm can be reached at 1-800-THE-FIRM (1-800-843-3476) or visit their website at http://www.cochrannation.com. “Working for You.” Article by Benjamin A. Irwin, Esq.###
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Benjamin A. Irwin, Esq.
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