Know Your Options
The Fannie Mae community homechoice program provides assistance to disabled individuals who want to purchase a home but have limited income. The largest, the Fannie Mae HomeChoice program, offers mortgages to families and people with disabilities using more relaxed income criteria, lower monthly payments and lower down payments. Many lenders offer programs, like the Fannie Mae Community HomeChoice Program, which are specifically designed to help applicants on disability. And others may have more lenient eligibility standards. Click here to compare personal loans and here for home loans. See leading lenders side-by-side and read real reviews from past customers. The Federal National Mortgage Association (Fannie Mae) is a government-sponsored company. Its Community HomeChoice program is available in all states and offers the following housing aid for people with disabilities: Low down payment programs Mortgage-qualification aid such as lower debt-to-income requirements.
KnowYourOptions.com has information and resources to help you understand your options and take action now to avoid foreclosure. Be sure to review the following links to find answers to the most commonly asked questions.
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Mortgage Company
For questions about your mortgage and to discuss your specific options, you should contact your mortgage company. We have a list of mortgage companies available for your use. If your mortgage company is not on this list, check your monthly mortgage statement for specific contact information.
Housing Counselors
Visit our housing counselors page for questions about counselors or to locate one near you.
Fannie Mae Mortgage Help Network
If you've contacted your mortgage company and have not received help or if you need additional support, a Fannie Mae Mortgage Help Network partner can assist you. The Network is available to homeowners who have a Fannie Mae loan.
Click here to access our Loan Lookup tool and request help from a Fannie Mae Mortgage Help Network partner.
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Fill in this short contact form to be contacted about government-backed home purchase programs. Learn more about available programs and qualification requirements below.
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There are several federal government programs designed to help Americans purchase a home. Each of these programs has unique benefits and requirements.
General requirements:
1. Minimum credit requirements: While low credit scores are often acceptable for government refinance programs, for government home purchase programs you normally need a middle credit score of 580 or higher to qualify. Also, you normally need to be 2-3 years out of any home foreclosures or chapter 7 bankruptcies.
2. Income requirements: To qualify for a home purchase loan, you will need to show the ability to comfortably make your new payments. You normally need to show that your gross monthly income (meaning income before taxes and other deductions are taken out) is more than twice the combined minimum monthly payments on all of the debts you are paying off.
As an example, if a family’s before-taxes income is $5000 per month, they would want the total payments on their debts (including the new mortgage, car payments, student loans, credit cards, and so on) to be no more than 50% of $5000, or $2500 per month. Contact us to speak with someone who can run calculations on your debt to income ratios. Jay vasavada books.
Free Loans For The Disabled
Available Programs
Here are some basics on the most prominent government-backed home purchase programs:
Fannie Mae Home Loan Requirements
- FHA program
– Requires just 3.5% of the loan amount as a down payment. (With FHA purchases, it is wise to have at least 4% of the purchase price available to help cover the appraisal fee and other costs at closing)
– Available everywhere in the U.S.
– The FHA has an up front mortgage insurance fee of 1.75% of the loan amount rolled into the loan and then has a monthly mortgage insurance fee for the life of the loan
– There are limits to the maximum loan size depending on to state/county the home is in
– The FHA program has the most lenient underwriting standards with regard to past credit problems and medical collections of any of the major home loan programs
VA program
– Available everywhere in the U.S.
– The FHA has an up front mortgage insurance fee of 1.75% of the loan amount rolled into the loan and then has a monthly mortgage insurance fee for the life of the loan
– There are limits to the maximum loan size depending on to state/county the home is in
– The FHA program has the most lenient underwriting standards with regard to past credit problems and medical collections of any of the major home loan programs
VA program
– Only available to military veterans with VA eligibility
– No down payment required
– No ongoing mortgage insurance
– Lenient credit score requirements
– The VA has an up front funding fee that rolls into the loan (up front VA fee waived when veteran has VA disability status)
– No down payment required
– No ongoing mortgage insurance
– Lenient credit score requirements
– The VA has an up front funding fee that rolls into the loan (up front VA fee waived when veteran has VA disability status)
USDA rural housing program
– This purchase program only applies to homes designated as being in rural areas by the USDA (contact us to check on eligible properties)
– No down payment required
– Requires a 1.0% guarantee fee rolled into the loan and small monthly mortgage insurance fee
– There are limits to the amount of income a family can earn to be eligible for this program. Families that make too much money will not qualify.
– Underwriting and credit score requirements on USDA rural housing loans are generally more stringent than FHA loans
– No down payment required
– Requires a 1.0% guarantee fee rolled into the loan and small monthly mortgage insurance fee
– There are limits to the amount of income a family can earn to be eligible for this program. Families that make too much money will not qualify.
– Underwriting and credit score requirements on USDA rural housing loans are generally more stringent than FHA loans
Fannie Mae or Freddie Mac conventional mortgages
– Normally requires at least 5% down
– Has somewhat stricter income and credit requirements than FHA or VA loans
– No mortgage insurance with a down payment of 20% or more. Down payments of less than 20% require mortgage insurance.
– Loan size up to $453,100 everywhere, even higher loan limits in some high cost areas
– Has somewhat stricter income and credit requirements than FHA or VA loans
– No mortgage insurance with a down payment of 20% or more. Down payments of less than 20% require mortgage insurance.
– Loan size up to $453,100 everywhere, even higher loan limits in some high cost areas
FHA reverse purchase program
– Normally requires at least 40-50% down
– Borrower must but at least 62 year old
– The appeal of a reverse purchase is no mortgage payments for the rest of the borrower’s life. (Let us know in the notes of the contact form if you are interested in learning more about this program)
– Borrower must but at least 62 year old
– The appeal of a reverse purchase is no mortgage payments for the rest of the borrower’s life. (Let us know in the notes of the contact form if you are interested in learning more about this program)
Other
There are also other local government programs all over the country that can help with a home purchases.