Fannie Mae Mortgage Program Gives Disabled Borrowers Chance At First Home
Affording a home isn't always possible for people with disabilities, who typically have lower-paying jobs and steeper monthly medical bills.
A Fannie Mae program, known as Community HomeChoice, offers flexible mortgage, credit and income guidelines for low- and moderate-income disabled people. It requires only $500 down for a traditional 30-year, fixed-rate mortgage, and participants can count the public benefits they receive as income to qualify for a mortgage. It also allows relatives who have a disabled family member living with them to get a loan.
The new program became available nationwide last year. Loans typically go for about 4.9 percent to borrowers with good credit. Borrowers who put down less than 20 percent still must pay mortgage insurance.
Nationally, one in five people age 5 or older have some type of long-term disability, according to the 2000 census. In South Florida, one in three say they have a disability.
For more information on the Community HomeChoice program call Fannie Mae's Consumer Resource Center at 1-800-7FANNIE (1-800-732-6643). You may also click this link to visit the Community HomeChoice information page at eFannieMae.com.