Federal National Mortgage Association (Fannie Mae) designed the Community HomeChoice mortgage product for people with disabilities or with family members who have disabilities who have low to moderate income. This is a single family mortage loan program.

The program offers flexibility in terms of loan-to-value, credit history, down payment sources and qualifying ratios. The process of obtaining a mortgage through the program can be overwhelming. Many lenders work with organizations that serve people with disabilities. Contact a housing counselor at the Detroit Public Housing Commission by calling (313) 887-8000 or visiting 1301 E. Jefferson, Detroit MI.

Someone may be able to assist with the application process. The following are key components of the Community HomeChoice mortgage product. Who is Eligible? Any low- or moderate-income person defined as handicapped by the Fair Housing Amendment Act is eligible for the Community HomeChoice mortgage.

People with disabilities must: self-identify according to the definition of disability or prove your source of income is consistent with having a disability Income The borrower must have a history of receiving regular income from employment or other sources and that there is an expectation that the income will continue, generally at least 3 years. An eligible borrower's income may not exceed 115 percent of the area median income (AMI) where the property is located. Corporate Tax Planning Pdf Free Download. Co-borrowers All co-borrowers must sign the note. In determining eligibility for a mortgage, the combined incomes of occupant co-borrowers may not exceed the AMI, except as described above. When a traditional or nontraditional credit profile cannot be developed for an occupant co-borrower, up to 30 percent of the total qualifying income can be used toward the mortgage payment. An occupant co-borrower does need not be related to the disabled borrower.

Dec 27, 2016. Fannie Mae's popular Community HomeChoice Program provides help to low and moderate income people with disabilities and also to the able-bodied people who care for them. Eligible borrowers don't have to meet the more rigorous down-payment and earnings standards imposed on most traditional. As part of the transition toHomeReady and with a focus on supporting sustainable homeownership, Fannie Mae reexamined the clarity and efficiency of its home- buyer.

A non-occupant co-borrower may be part of the transaction, provided the occupant co-borrower is a disabled person who meets the income restrictions, and the non-occupant co-borrower is a family member or legal guardian. Ecs Geforce6100pm M2 V2 0 Drivers. Down Payment The minimum down payment is three percent based on the lesser of the sale price or appraised value. At least $5,000 must come from the borrower's own funds. The balance of the down payment may come from grants, gifts or grant-like subordinate financing. Eligible Mortgages Fannie Mae accepts 30 years or less fixed-rate, fully amortizing, level payment mortgages, 7/1 ARMs and negotiated 10/1 ARMs. There is no minimum loan amount, and the maximum loan amount is Fannie Mae's standard conforming loan limit. Call Conquest Real Estate Group at (248) 569-1486 for More Info.