Help families finance adult autism housing

Here is a plea for action that came my way via autism advocate Cathy Boyle, who founded a wonderful organization called Autism Housing Pathways. I have edited a little bit for expedience: ****How do autism families figure out the financing for their adult child’s housing?**** While there are a number of programs aimed at providing financing for lower-income and first-time home buyers, families creating housing are largely treated — unfairly — as purchasers of vacation homes. However, there is one mortgage product aimed at these families: Fannie Mae’s Community HomeChoice, a variant of Fannie Mae’s MyCommunity Mortgage. HomeChoice permits family members to be considered “non-occupying co-borrowers.” This means their income can help, in that the family’s income can be considered in determining the ability of borrowers to repay, while still allowing the individuals with disabilities to be considered low income, and thus qualify for the program. Here is the important part: Community HomeChoice allows individuals with disabilities to put 3% down, and only $500 of it has to be their own money; the rest can be from family members!!! Unfortunately, currently in Massachusetts there do not appear to be any mortgage lenders offering HomeChoice. Fannie Mae does not have the ability to identify lenders offering specific products. Most (if not all) Massachusetts participants in MyCommunity do not engage in manual underwriting, which is necess...
Source: Susan's Blog - Category: Autism Authors: Tags: Uncategorized Source Type: blogs