Posted on: 05th Apr, 2007 01:25 pm
I am in Michigan and herd that there some mortgage program for people with disabilites but do not know anything about it, please help and give some condition I have to complete for getting it.
Hi Roger,
In Michigan we have Michigan Home Ownership Coalition which assist people with disabilities become homeowners.
Through MSHDA (Michigan State Housing Development Authority) they offer down payment assistance and the HomeChoice mortgage.
This mortgage program is specifically for people having any kind of disability or a family with a member who has a disability & such member lives with them.
Miller
In Michigan we have Michigan Home Ownership Coalition which assist people with disabilities become homeowners.
Through MSHDA (Michigan State Housing Development Authority) they offer down payment assistance and the HomeChoice mortgage.
This mortgage program is specifically for people having any kind of disability or a family with a member who has a disability & such member lives with them.
Miller
Hi Roger,
Welcome to Mortgagefit discussion board.
HomeChoice mortgage is offered through Fannie Mae and is a single family mortgage loan mainly for low and moderate income people. With this program one can get assistance towards making the downpayment of up to 5% & $3,000 for paying closing costs from Michigan State Housing Development Authority. But you need to have good credit history.
Some other features are that it allows for your debt to income ratio to be as much as 50% & gift money from family can be used towards downpayment.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
HomeChoice mortgage is offered through Fannie Mae and is a single family mortgage loan mainly for low and moderate income people. With this program one can get assistance towards making the downpayment of up to 5% & $3,000 for paying closing costs from Michigan State Housing Development Authority. But you need to have good credit history.
Some other features are that it allows for your debt to income ratio to be as much as 50% & gift money from family can be used towards downpayment.
Do let me know if you have any other questions.
Thanks
Blue
In this program people with income at or below median income of the area can qualify and sources of income can be part time jobs, SSI, SSDI. But person has to go through pre and post purchase counseling.
i have a child that is disabled and in a wheelchair. our current home is not wheel chair accessable and we are upside down on our mortgage. it is a mobile home, we have found a home that is totally wheel chair accessabel and we want to buy it. we currently own our own land that is not currently in with our mobile home. we want to use our land as down pmt for the new home but it is not enough to help us with our being upside down. i was wondering if there are any programs out there that can help us with the upside down amt. since we are getting it b/c it is wheel chair accessable. we live in arkansas.
hi renea,
as you already have a mortgage on one of your properties, it will be difficult for you to qualify for a loan on another property. you will have to sell off your present property first and then look out for a new loan to buy the new property. while you sell off your present property, you will have to pay off the mortgage dues to the lender. if your property is short sold or goes for a deed in lieu of foreclosure, it will affect your credit score in a negative way and you won't be able to get a mortgage.
take care.
as you already have a mortgage on one of your properties, it will be difficult for you to qualify for a loan on another property. you will have to sell off your present property first and then look out for a new loan to buy the new property. while you sell off your present property, you will have to pay off the mortgage dues to the lender. if your property is short sold or goes for a deed in lieu of foreclosure, it will affect your credit score in a negative way and you won't be able to get a mortgage.
take care.