Neighborhood Nonprofit housing Corporation
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Our mission is to create quality affordable housing opportunities to enhance communities and to provode housholds with the skills to become sel sufficient. Everyone deserves a place to call home
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HomeChoice Hotline
1-866-493-4500

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Homeownership Opportunities For People With Disabilities

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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

Interested persons should call the HomeChoice Hotline at 1-866-493-4500 and leave their contact information. For specific questions call Dave at Neighborhood Nonprofit Housing Corporation 435-753-1112 extension 104. Information will be mailed out regarding the program, as well as an invitation to attend an orientation meeting. This meeting will explain the program in detail and enrollment packets will be provided for those who wish to participate. The program also provides first-time homebuyer and financial counseling to participants and one-on-one assistance with a HomeChoice Specialist. There is no cost to participants for these services.
 

 

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