Do you or someone you know have a disability in their family? There is now a loan program available that can help get buyers with disabilities into a home of their own with low down payment, lower monthly payments and best of all….No mortgage insurance!
Buyers who have disabilities (either themselves, their spouse or children) can qualify for this loan and actually have a low Fixed rate 30 year mortgage that will save them money in monthly payments. Now…there are hoops to jump through with paperwork to fill out (govt program, OF COURSE there is paperwork) , income restrictions (kind of like Utah Housing Loans) and Dr’s notes to obtain, but those are minor compared to the savings you could reap from this one. And no…you don’t have to be receiving Disability payments to qualify.
We have done a couple of these loans on home purchases with clients, one of whom was disabled herself, and a couple more where a child in the family had the disability.
These loans can be used to purchase new construction or existing homes, foreclosures that are turn key ( homes not requiring extensive repairs) and shortsales.
However, shortsales and foreclosures can be a bit tricky, so talk to us before you decide on those!
The savings in monthly payment can be quite substantial as well. For example, on a $200,000 home using an FHA loan (with a down payment of 3.5%), your monthy payment would be approximately $1136.96 (Principle, Interest and Mortgage Insurance). The same home utilizing a disability loan program (with a 3% down payment, they even give you a break on the down payment here!) would be $856. 09. So…if I do my math correctly that would be a savings of….oh…$280.87 per month!
So if you want to know more about this…give us a call! We will get you in touch with the lender that knows the how to’s of the loan program for buyers with disabilities….then we will help you get the perfect home to fit!
Oh…and if you Know someone that this loan would help…pass this post on to them…or give us a call and we will be happy to help them as well!