mortgage program for people with disabilites

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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.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

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

blue · Posted: Thu Apr 05, 2007 2:02 pm Post subject:

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

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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.

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