HomeChoice is a homeownership program for Utah residents with disabilities or who have a family member with a disability. The disability must meet guidelines established by the Fair Housing Amendment Act. To qualify, households must make less than 80% of the maximum income (refer to HUD Income Limit Guidelines to the left), based on family size and county in the state in which you are purchasing your home. HomeChoice provides low-interest loans through the Olene Walker Housing Loan Fund for up to 30% of the home's purchase price, before any down payment deductions are applied. The Olene Walker Housing Loan Fund is a 30 year second mortgage at a 1% interest rate with no penalty for early payoff. The remainder of the home is financed through the lender of your choice (underwriting criteria must meet HomeChoice guidelines.)

Other Program Benefits Include

    • Lower monthly house payments due to a lower overall interest rate and no monthly mortgage insurance

     • Higher qualifying debt-to-income ratios

     • Options for down payment amounts and sources; borrowers must contribute a minimum of $500 toward the down payment

     • Flexibility on credit histories; nontraditional credit is accepted

     • Sources of borrower income can include wages, public & private disability benefits, Section 8 vouchers, and income from trusts

     • Nontaxable benefits may be "grossed up" by a factor that reflects the tax savings to the borrower, providing greater "borrowing power" for the purchase of a home

     • Parents can act as non-occupant co-signers for a child with a disability

     • A legally appointed guardian or a Supplemental Security Income (SSI) representative payee appointee may participate in the loan transaction provided they have a 24-month history of managing the borrower's financial affairs and expect to continue to do so