Home Buying Assistance For Those With Disabilities
Fannie Mae's popular Community HomeChoice Program provides help to low and moderate income people with disabilities and also to the able-bodied people who care for them. Eligible borrowers don't have to meet the more rigorous down-payment and earnings standards imposed on most traditional buyers, which makes getting a mortgage much easier.
Fannie Mae offers its various programs through a network of thousands of lenders across the nation. Call Fannie Mae at 800-732-6643 or visit its Website at www.fanniemae.com
The U.S. Department of Housing and Urban Development also operates a handful of programs that can help disabled people buy or refinance a house. You can get details about programs by contacting your regional HUD offices listed under the "Federal Government" heading of the white pages of the local phone book OR by visitingwww.hud.gov/groups/disabilities.cfm
Loans, down payment assistance, acquisition/rehabilitation of a home. Serves All.
Check out www.homesales.gov which lists homes that have been seized by the government. Since they're usually foreclosures, you can often get them for a bargain price!
METRO DETROIT:
The Homeownership Crusade
Wayne County Jobs and Economical Development Housing Division
The City of Taylor is currently offering completely renovated, previously foreclosed homes
for purchase to First Time Homebuyers at below-market sales prices. This MSHDA first-time homebuyer program will give qualified buyers a competitive rate on a first mortgage loan and a second mortgage loan up to $7500, which has no payments and no interest to assist buyers with costs to purchase. Minimum investment by the purchaser of the home is 1% of the sales price.
In most cases, the mortgage payments are comparable to what current rents are. Income guidelines are based on 80% of Wayne County's median household income.
The City of Taylor was allocated $2,495,056 in federal funds to purchase, rehabilitate and sell
single family dwellings at cost. Income guidelines are based on 120% of Wayne County household income.
The Community Tax and Resource Center
7000 W. Fort
Southwest Detroit, MI
Phone: 313-554-2884
Offers free income tax preparation for low-income households, as well as information on opening
a credit union account, home ownership programs and getting assistance paying utility bills.
Call for information and information.
A number of communities, often in older suburbs or cities, have down-payment assistance to
first-time buyers. The terms vary but often there's a forgivable loan for the amount of the down payment, but the buyer must meet certain conditions. Warren, Pontiac, Westland, etc. all have programs as well as Wayne County. Call the development department in your community to see
if it has such a program.
Metro Detroit Coalition's Neighborhood Stabilization Program Partnership
Fifteen local communities are joining forces with the Michigan Association of Realtors, the Michigan State Housing Development Authority, various lenders and non-profits and other groups for a statewide initiative to sell more foreclosued homes during 2011. The idea of the program is
to highlight federal programs that can help homebuyers purchase foreclosed homes. The goal is to sell 100 foreclosed and newly built homes in the 15 communities to low and moderate income buyers this year. The communities taking part are Eastpointe, Ecorse, Ferndale, Hazel Park, Holly, INkster, Keego Harbor, Lake Orion, Oak Park, Ortonville, Pontiac, Redford, River Rouge, Royal Oak Township and Westland. As part of the program, the participating communities are offering down payment assistance. Funds are also being offered to have Farmington Hills based Home Renewel Systems restore the properties.
Buyers must have a minimum income of at least $1,200 a month. Down payment assistance and credit counseling are available. To purchase a home, the income of a one-person household must be below $58,700 and a four-person household must be below $83,900. A portion of the homes are being set aside for buyers with a one-person household income of less than $24,450 and four-person household incomes of less than $34,950.
INDIAN HOUSING
In 1992, Congress established the Section 184 Indian Housing Loan Guarantee Program. The program isdesigned to offer homeownership and housing rehabilitation opportunities for eligible Native American individuals or families, tribes and Tribally Designated Entities (including Indian Housing Authorities) on their native lands. To learn more about the Section 184 program visitwww.hud.gov
GOOD NEIGHBOR NEXT DOOR
The Good Neighbor Next Door initiatives are a collection of FHA programs where police officers, firefighters, emergency medical technicians and teachers can purchase HUD homes at up to a 50% discount.The programs are:
Officer Next Door
Firefighter & Emergency Medical Tech Next Door
Teacher Next Door
Additional discounted sales programs allow local governments and qualified nonprofit organizations to purchase homes at a discount. These are referred to as "dollar homes" and "sales to nonprofit's".
Non-profit housing organization that builds simple, decent, affordable homes in partnership
with those in need of adequate shelter. Homes are purchased by the families with 0% interest. You must have lived in Monroe County for the past 12 months. applications are accepted annually from individuals and families who are seeking home ownership. Selection is based
on income and need. Those selected must provide at least 250 hours of sweat equity per adult
in the building of the house.
OAKLAND COUNTY
Lighthouse Community Development
A subsidiary of Pontiac-based Lighthouse of Oakland County
Phone: 248-920-6200
Plans to buy six Ferndale houses that are in foreclosure, fix them up and re-sell them to first-time buyers. The project will help rehabilitate neighborhoods and provide housing to lower-income buyers. Lighthouse has offered a similar program in Pontiac for about 15 years.
Community Housing Network
570 Kirts Blvd. Suite #231
Southfield MI 48084
Phone: 248-928-0111 OR 866-282-3119
Help with home ownership, various qualifications but one member of household MUST be disabled.
Oakland County Homebuyer Program for Vacant Foreclosed Properties (NSP)
Oakland County's Homebuyer Program provides loans to homebuyers for down payment assistance, closing costs, pre-paid, reasonable discount points, home improvements or other financing associated with purchasing eligible vacant foreclosed single family homes located within select participating Oakland County communities. The home must be purchased by the homebuyer as their primary residence. Homebuyers must income-qualify based on income
limits established by HUD. Homebuyers with incomes at or below 50% of Area Median Income (AMI) are eligible for assistance. Eligible incomes by family size are identified in Attachment B. See the website for further details!
WASHTENAW COUNTY
Links to Home Ownership Program of Washtenaw County
Pre-purchase homebuyer education
Home maintenance training
Credit Counseling
Financial management education
Up to $10,000 down payment assistance
Up to $5,000 credit repair assistance
Up to $750 general contractor inspection assistance
Qualifying families must have a minor child under 18 and meet income guidelines.
Washtenaw County MSU Extension
705 N. Zeeb Road
PO Box 8645
Ann Arbor MI 48107-8645
Phone: 734-997-1678
ALSO
Washtenaw County Community Housing Alternatives
Phone: 734-434-6559
Wayne Metropolitan Community Action Agency
Administrative Office:
2121 Biddle Ave.
Wyandotte MI 48192 Ask about the new Lincoln Park program!
