Owning a house is a dream come true for many, but there are instances when people who have disabilities feel discouraged because they might not get approved for a loan. If you have a disability, don’t let this bother you because there are many proven ways to get a mortgage.
Having a disability doesn’t need to be a hindrance in getting what you want, especially your very own property.
Like any state in the U.S., Salt Lake City has programs for their citizens with disabilities. These programs range from offering services for both children and adults, respite care, day care services, and supported living.
You may look for different mortgage options in Salt Lake City to get closer to your dream of owning a house.
Here are the options available for people with disabilities:
Ask your parents
This may probably be the easiest one to do wherein you’ll most likely succeed. Asking your parents if they can make the mortgage loan and you just pay the monthly dues to them can help you own your dream house.
Getting a disability income
Receiving a disability income from the government will allow you to get a mortgage for programs that allow Persons with Disabilities to enroll. Try asking a mortgage agent to learn about your options.
Be a member of the Section 8 Homeownership Voucher Program
The program is under the Housing and Urban Development (HUD). Persons with Disabilities can apply for one, except for the non-participants in Public Housing Authority (PHA). The only downside to this program is that it can take longer to get accepted because there’s a long queue. In case you get accepted, you can enjoy the following benefits:
- Voucher covers for mortgage principal and interest, real estate taxes, and homeowners insurance
- Mortgage insurance
- Utilities, maintenance, and major home repairs
- Accessibility of home costs in case you need to
You just need to show these requirements:
- Participating PHA Section 8 voucher
- Household monthly income above Federal Supplemental Security Income (SSI) for people who live alone
- A property that is considered acceptable
- Being a member of the pre-assistance homeownership and counseling program of PHA
Being in this program will require you to allocate 30% of your adjusted monthly income for your housing.
Get a USDA Single-Family Housing Direct Home Loan
Guaranteed and direct program are two of the programs of the USDA. The Direct Program offers a specialized subsidized financing scheme for households with low income. There’s no down payment and the fixed rate is low. Just don’t leave or transfer the program to another; otherwise, you’ll need to repay a portion or all the payment immediately.
Other important details to remember include:
- The housing program can oftentimes provide housing that isn’t safe, decent, or clean.
- The mortgage is quite expensive.
- Federal loan programs can influence the mortgage plan.
Finding a home for people with disabilities may seem daunting, especially if it’s your first time. You just need to look at the right resources and you’re on your way to owning your dream home.