Disability Mortgage Interest Rates
Millions of people in the United States live with a mental or physical disability. Only a small number of them own a home--in part because they think they can't afford it. Disability mortgage interest rates and other special programs are available to make home ownership more affordable for people with disabilities.
Government Programs
Many with disabilities live in group homes, handicapped facilities or with their parents, in part because they think they they don't have the income to afford owning their own home. Many are not aware of the federal and state programs available to them that can make their dream of owning a home a reality.
Disability Mortgage Rates Vary by State
Many states offer loans and disability mortgage rates to persons with disabilities. If you live in Colorado, for instance, lenders affiliated with the HERO alliance program offer several low interest loans to qualified buyers. Kentucky offers a new construction program for individuals with disabilities--with fixed rate 30-year loans at interests rates between 1 and 6 percent. For similar programs in other states, visit the federal government's Housing and Urban Development (HUD) website.
Housing Counselors
The home buying process can be daunting for all first-time home buyers. Adding a disability to the situation adds even more complexity. Local HUD housing counselors can help you for little to no charge. HUD housing counselors have experience in helping those with special needs to navigate the home-buying process. They will help individuals find a home which meets their needs, and that they can afford by identifying financial assistance programs available in their state.
Understanding Your Rights
Housing providers are required by law to make residences more accessible for someone with a disability, provided the change is "reasonable" and does not pose a burden to the provider. An example of a reasonable change would include making a minor change like installing a grab bar in the bathroom.
HUD's Home Ownership Voucher Program
HUD's Home Ownership Voucher Program was designed to help first-time homeowners to pay their mortgage payments. To qualify, an applicant must meet the minimum income as well as other eligibility requirements for disabled families.
