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Chapter 3 – Getting Started in the Home Purchasing Process

Once you’ve decided you would like to become a homeowner you will need to adhere to the following steps:

At the Bank: Together with your housing counselor should contact your bank to apply for a mortgage loan. The bank will then evaluate your overall financial status by checking your annual income, yearly expenses, outstanding debts and credit history. Since you are disabled, your income and other financial data may differ substantially from those of other people in your age group who are not disabled. Your housing counselor can be helpful in outlining your special needs and limitations which affect certain figures in your financial profile. If this is your first mortgage application, your counselor and bank loan officer can also assist in your full understanding of loan down payments, mortgage rates (or interest rates), monthly principal payments and additional ongoing costs. Your counselor can also help you find other suitable financial aid programs to supplement and enhance your overall financial situation. (Some of the best informed housing counselors are obtainable through HUD, the Department of Housing and Urban Development.)

Outline your needs: Next, you, your counselor, and perhaps your M.D., a nurse or home care worker who fully understands your disability, should make a complete listing of your special needs in order to determine what home type and interior design will best meet your daily requirements. If you get pre-qualified for a mortgage loan, this will enable you to ascertain a realistic estimate of how much you can reasonably afford to spend on a house along with any necessary accessories and remodeling. And, above all else, be aware that some mortgage loan representatives and even bank loan officers may not offer you a full range of mortgage opportunities simply because of your type of disability.

Since 1990, there have been some remarkable milestones in raising the number of national home owners among minorities and the disabled:

|— In 1990, the Low Income Housing Preservation and Resident Homeownership Act was passed, preserving and rehabilitating low and moderate income housing, which benefited many disabled home seekers.

|— In 1993, President Clinton increased available financing for housing by means of an Interagency Policy Statement on Credit Availability.

|— In 1994, Fannie Mae made a $1 trillion commitment to increase targeted mortgage loans to minorities and people with disabilities.

|— In 1999, NAHB, HUD and the nation’s city mayors joined forces and interests to build new homes in both inner city neighborhoods and older suburban areas, making more homes available for lower income families, minorities and home seekers with disabilities.

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Chapter 4 – Types of Mortgage Loans Available

Beginning as a government agency in 1938, Fannie Mae became a private company owned by shareholders in 1968. It offers numerous mortgage products and programs which provide equal opportunities for becoming home owners to people with disabilities or handicapped family members. Programs currently in operation include:

• Community HomeChoice – for the disabled at low to moderate income levels. It provides for flexibility of Loan-to-Value ratios (LTVs), down payment sources, qualifying ratios, and credit establishment.

• Community Living – a lending product structured to offer financing for small, group homes for children and adults who are disabled and cannot live independently. These mortgage loans are different from more traditional mortgage designs since borrowers are not necessarily individuals. Also eligible as applicants are non-profit and profit seeking corporations, limited partnerships, and government agencies aiding both children and adults who are disabled.

• Community Landing – varied mortgage programs, often with low or no down payment requirements designed specifically to benefit disabled applicants by helping them conquer the two most common obstacles to owning a home: down payment funds and qualifying income. These mortgage products usually have lower closing costs and a higher debt allowance than most traditional mortgages.

The Most Popular Mortgage Types

Fixed Rate Mortgages – This variety of mortgage loan (often referred to as “the granddad of all mortgages”) is now offered as 10-year, 15-year, 20-year, 30-year, 40-year, and 50-year fixed-rate mortgage loans, and all are completely amortized.

FHA Loans – FHA mortgages are government insured and come with the lowest possible payment requirements.

VA Loans – Veterans Administration loans are provided for veterans of the U.S. Armed Services. These loans are government guaranteed, and the borrower is not required to make a down payment.

Interest-Only Mortgages – These loans include an option to render an interest-only payment.

Hybrid Varieties of Mortgages

Option ARM Mortgages – These adjustable-rate mortgage loans can be complex. However, their main feature is that of a fluctuating interest rate allowing borrowers to make choices from various payment options and index rates.

Combo / Piggyback Mortgage Loans – This variety of mortgage loan is comprised of a first and second mortgage.

Adjustable-Rate Mortgages — ARMs come with fluctuating interest rates which can actually remain fixed for a substantial period before adjusting.

Mortgage Buydowns – Mortgage buydowns allow borrowers to pay a lower initial rate of interest. Lenders, buyers or sellers can buy down the interest rate.

Specialty Mortgage Types

Streamlined-K Mortgage Loans – This FHA loan plan provides funding to borrowers for the purpose of renovating or making improvements to a home (and can be compared to the 203K loan program).

Bridge / Swing Loans – This variety of mortgage loan can be useful after a seller has put a house on the market which has not yet sold. To enable the seller to buy another home, the unsold home is used as security or collateral (or swing).

Equity Mortgages – These loans are second position and junior to the first loan. With an equity loan, the borrower can draw funding from a line of credit.

Reverse Mortgages – Anyone over 62 years of age can apply for a reverse mortgage. With this mortgage loan plan, for the duration of time the borrower lives in a home, the lender makes monthly payments to the borrower.

Obtaining a second mortgage can be quite helpful in handling unexpected, but unavoidable expenses, such as automobile repairs, home repairs and improvements, or extra college or business expenses. A second mortgage is simply a loan taken out against your property (your home) subsequent to your first, or primary loan. Your home serves as collateral for acquiring the second loan. Since the second mortgage loan takes second place priority to your first mortgage, if you should have the misfortune of defaulting on both loans, you must pay off your primary loan first. It can be advantageous to obtain a second mortgage loan in such circumstances as:

• You need to pay off a sizable debt balance;
• You need capital for a start-up business or an attractive investment opportunity;
• You do not want to pay costs of private mortgage insurance (to avoid this expense, your second loan must cover 20% of the home’s purchase price).
• You want to buy a new car, more property, or make extensive home improvements;
• You want to build another home or commercial structure.

By means of a second home loan, you can borrow to the limit of your home’s equity, or up to the amount of the home value which you now own outright. Although some lenders will let you have a second mortgage equivalent to 125% of the appraised value of your home, the majority of lenders will allow you a second loan which brings the total loan-to-value ratio of both loans equal to 85% of your home’s value.

Your interest rate on the second loan acquired will be greater than that on the primary loan, especially since, should you default on your loans, you must pay off the primary one first.

Both fixed rate home equity loans and adjustable rate home equity lines of credit can be obtained, based on your credit score, total loan to value ratio, and relative to currently existing market trends.

By consulting a number of lenders and obtaining quotes, you can shop for the most appropriate second loan for your needs. After you fill out the necessary paper work to apply for the loan, an appraisal will be conducted to ascertain the present value of your home. At the closing for the second loan, you must pay closing costs, just as you did when obtaining your first loan.

After you acquire your second mortgage loan, you can then refinance the primary loan. At this time you should request that your lender make the second loan subordinate to the refinance loan. Unless you do so, the second loan will become the primary loan, while the refinance mortgage loan becomes secondary.

Since, if you default on the second mortgage, you could lose your property due to foreclosure, it is imperative that you undertake a complete budget analysis before acquiring the second loan.

Click the link to listen to an audio version of this guide by using the embedded player below

Chapter 5 – Benefits of Refinance Mortgages

If your monthly payments and other expenses are steadily increasing, or if you have mounting debt balances which you would like to clear as soon as possible, you should consider the benefits of refinancing your mortgage. The mortgage refinancing process actually replaces your present mortgage loan with a new loan having a better interest rate and more manageable terms and conditions. Your home will now serve as security for both loans. At the same time the second loan pays down the existing primary mortgage, the remaining funds can be used to best benefit you and the projects you choose to pursue.

The following are five legitimate reasons for choosing a mortgage refinance:

1. You wish to save more on a regular basis. With a mortgage refinance, your monthly payments will decrease, provided you are successful in getting a lower rate of interest.
2. Your desire is to pay down your mortgage swiftly. By reducing your loan term, you can shorten the duration of your mortgage. Although your monthly payments will subsequently increase, you will save money in interest payments. And, what’s more, you will eliminate your debt more quickly.
3. You are in need of cash flow to pay credit card balances. Having extensive equity in your home will enable you to refinance and borrow beyond the current loan balance. Then, with the extra cash resulting, you can eliminate high interest debts. Additionally, in some cases a refinance mortgage loan may be a tax deduction.
4. You see the advantage in consolidating two loans into a single loan. With sufficient equity (based on high appreciation), you can consolidate two loans into one. With any luck, monthly payments on the second mortgage may be lower than the combined payments on the two mortgage loans.
5. You favor converting an Adjustable Rate Mortgage (ARM) into a Fixed Rate Mortgage (FRM). With an FRM, the lender is unable to increase your monthly interest payments throughout the duration of the loan, so your payment amounts due each month will not vary.

Click the link to listen to an audio version of this guide by using the embedded player below

Chapter 6 – Useful Resources for Disabled Citizens

FHA: Both the FHA (Fair Housing Act) and the ADA (Americans with Disabilities Act) offer protection to the disabled in all areas of housing. While the ADA safeguards the rights of people living with handicaps, the FHA offers protection specifically relative to home ownership. Numerous additional laws and regulations structured to protect the interests of those U.S. citizens and residents with disabilities can be found on the official HUD Web site: gov.

When contacting realtors, remember that the Fair Housing Act prohibits discrimination against disabled persons purchasing or bidding on homes. Under FHA, multifamily residences built after March 13, 1991 must satisfy specific standards of accessibility, such as:

• Accessible entrance from an accessible street or road;
• Doorways sufficiently wide to accommodate wheelchairs;
• Easily reachable light switches, outlets and thermostats;
• Bathroom reconstruction, if needed, for the disabled;
• Accessible kitchen space and appliances.

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