Mortgage loans are a second mortgage on your home. If a person with a disability has the income to pay the loan, there should be no problem in obtaining a loan. However, if you feel that you need special help or that you are being discriminated against because you have a disability, there is help for you. There are also certain loans that you can obtain to transform some aspects of your home so that you can easily access.
Seek help to find a loan
The United States Department of Housing and Urban Development (HUD) has a service called housing counselling. These are HUD-approved agencies that charge little or nothing to help people with disabilities, among others, with their housing and mortgage needs. There are several of these agencies in each state. Find yours through the Resources below.
Federal grants and CIL
Some municipalities offer some federal grant money for low-income families through the Community Reinvestment Act. Contact the town hall to see if your municipality participates. This money is usually for the purchase of a house, but if you need to make renovations to accommodate your house because of your disability, such as ramps or larger doors, check and see if your city or town allows you to apply.
The Independent Living Center also has programs to help people with disabilities. Its many programs include assistance in the search for loans and the development of life without barriers. They will also help you find local, state and national programs if you qualify. You can find a directory, state by state in Resources below.
Do not allow discrimination
The Fair Housing Act states that a lender cannot make it difficult or impossible for a person with a disability to get home because of it. It may not meet the criteria for a loan, but it cannot be denied simply because of a disability. Nor can a lender require someone to pay higher rates or meet the strictest criteria due to a disability. Many people with disabilities have their own homes and have enough income to qualify for a home equity loan. If you are one of those people and you have excellent credit, you should go to your bank and apply for the home equity loan. If you are rejected, be sure to get an explanation, in writing, from the lender of why.
The home choice program
A Fannie Mae program called “Home Choice” provides funds for low-income and disabled people. It has a very low down payment requirement and pays most closing costs. Although it is the first mortgage, there is a possibility that you can refinance your first mortgage with this program and add additional funds you need instead of taking out a home equity loan. Most local lenders have access to this program. You can go online to the Fannie Mae website at http://www.fanniemae.com or contact the lender for more information.
The Social Security Administration has programs for people with disabilities, called Social Security disability and Supplemental Security Income programs. If you are eligible for the SSI program, you may be able to receive funds based on your need. Although this may not be in the form of a loan, you can increase your income enough to qualify for one.
There are many other organizations that are dedicated to helping citizens with disabilities get the information and services they need. The National Institute of Disability is one of them whose main objective is to help people with disabilities to build healthy financial futures. You can find it at http://www.ndi-inc.org and get more information on how they can help you.