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Mortgages For Disabled Americans
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Don't Let Your Disability
Stop You From Buying
A Home


Homeownership is available to all Americans. There are programs that are specifically
designed for persons with disabilities. One in three persons with a disability lives at or below the
poverty level.  This fact makes it challenging for lenders to qualify a disabled person for a
traditional mortgage. If you are a disabled person looking to buy a house, you should explore all
possible resources for financing.

Section 8 - The Homeownership voucher program.

The US Department of Housing and Urban Development (HUD) created the federal program
referred to as Section 8, Housing Choice Vouchers. The goal of the program is to assist low and
moderate income individuals with disabilities attain homeownership or adequate rental housing.
Since these people have limited income Section 8 can be viewed as a subsidy program.

HUD's Homeownership Voucher program is part of the section 8 program. It is aimed at the first
time homebuyer who needs help paying his or her mortgage.

Disabled should apply for Community HomeChoice mortgage.

This is a single family mortgage loan program. It is designed for low-to-moderate income
persons with disabilities, or for a person who has a family member with a disability. The
program offers flexibility in terms of loan-to-value, credit history, down payment sources and
qualifying ratios.

According to the 2000 census there are over 49.7 million people with disabilities living in
America. This figure represents 19.3 percent of the population. So we can see that there is a
need for this program.

The process of obtaining a mortgage through the program can be long and daunting. Here are a
few tips on how to get started.

>> Contact your local Public Housing Agency and complete an application. Not all PHAs
participate in the program.

>> You must be a first time homebuyer or cooperative member.

>> You must not have an ownership in any residential properties.

>> You must successfully complete the pre-assistance homeownership counseling program
administered by the Public Housing Agency (PHA).

>> The minimum down payment is 3%. However you must contribute a minimum of $500 of your
own funds. The balance of the down payment can be from gifts, or grants.

>> You must have a cash reserve of 2 months mortgage payments after closing. This is
principal, interest, insurance and taxes (PITI). The money must be in a separate bank account.

>> The house you are considering to buy must pass an initial quality standard inspection by the
PHA, and pass an independent home inspection.

Your PHA will have a full list of requirements. Your best bet would be to sit down with a housing
counselor and get help completing the application.

Habitat For Humanity.

The non-profit organization Habitat for Humanity builds house for the poor. The contractors are
all volunteers and the materials are generally donated.
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