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From: Ron.Rothenberg@f460.n101.z1.fidonet.org (Ron Rothenberg)
Newsgroups: misc.handicap
Subject: Re: Accessible Apartment Hunting Hints
Message-ID: <18283@bunker.UUCP>
Date: 22 Mar 91 05:31:59 GMT
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>hi ron,

>        Q. are there any Govmt. programs that lends $$$$ at low
>        interst rates to buy property, house/condo ?  something
> like the S.B.A. (small business adm.) LENDS up to $150k at 3% p/yr
> to disabled persons.

>        yes , theres F.H.A. , V.A. programs..... is there something
> better?

Hi Marc,

Virtually all subsidized mortgages are handled at the state
level, under federal guidelines and legistlation.  The two most
widely available programs are the State Housing Finance Agency
General Lending Programs - - - - they  sell tax-free bonds and
then lend out money at the lower interest rate (about 2% below
going rate).  They do give priority to people with disabilities.
They do allow for low down-payments (5% with 2 1/2% coming from
borrower).  They still have usual underwriting standards, but
since the interest rates are lower, you can qualify for a larger
loan.  They lend only for primary residences.  If you move out
and rent the home you must refinance.

The other widely available programs are Mortgage Credit
Certificates.  These are now available in 30 some-odd states.
With an MCC you can go to any approved lender (over 12 in Mass.
) and use any mortgage product they have.  With the MCC 20% of
the interest you pay becomes a federal tax credit (not a
deduction, a credit!).  Also to help you qualify, that tax
credit is subtracted from the mortgage payment before computing
the qualifcation ratios.    This allows you to use something
other than a 30-year fixed - so ARMS, one-steps, two-steps,
etc., are available under this program.

Happy househunting!

P.S. Also available in many states is low-cost home-improvement
loans to adapt a home.   In Mass. the current rates for the HILP
(Home Improvement Loan Program) are 3.9% for low-income
borrowers (under about $30,000/yr. and 8.9% (still not bad) for
borrowers under about $40,000)

-rsr-

... Question Authority!  Why should I?

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