Max
12-18-2002, 05:31 PM
New program helps disabled buy homes
Two Washtenaw County women with disabilities became first-time homeowners Monday.
A community partnership involving the Ann Arbor Housing Commission, the Northern Ohio Investment Company, Community Housing Alternatives and Fannie Mae, the nation's largest source of financing for home mortgages to help low-income families, including individuals with disabilities, helped the two purchase their own home.
Ypsilanti Mayor Pro Tem Mayor S. A. Trudy Swanson, U.S. Rep. John Dingell and Ann Arbor Mayor John Hiefije congratulated the new homeowners, Peg Ball and Pamela Rathbun, during a Home For the Holidays celebration held at the the Ypsilanti Marriott at Eagle Crest.
"Homeownership is a challenge for most individuals. I commend the community partners with us today for coming together to ensure consumers like Pam Rathbun and Peg Ball have the opportunity to achieve the American dream of homeownership," said Dingell. "Products, like HomeChoice, truly make a difference for individuals with disabilities and their families."
The two women were able to buy their homes through mortgage financing that utilizes Fannie Mae's HomeChoice mortgage product.
HomeChoice provides flexible mortgage financing for low- and moderate-income people who have disabilities, or who have family members with disabilities living with them.
Rathbun who will celebrate her birthday Christmas Eve, said, "This will be the best birthday and Christmas present ever. I have my own home to celebrate holidays and birthdays with my friends and family. Now I truly feel like I am home."
She received down payment and rehabilitation assistance from the city of Ann Arbor.
"I'm especially proud to see that the Ann Arbor Housing Commission, NOIC, Community Housing Alternatives and Fannie Mae truly make a difference for individuals with disabilities and their families," said Swanson. "These new homeowners are models for other Ypsilanti and Ann Arbor families who want to achieve homeownership."
HomeChoice offers down payments as low as $500 from the borrower's own funds; more flexible use of second mortgage financing for down payment and closing cost assistance, and rehabilitation and access modifications; and special qualifying and underwriting guidelines for borrowers whose incomes are at or below 100 percent of the area median income, $69,900 for the Detroit MSA.
Non-income sources of support and actual living expenses also are evaluated.
HomeChoice loans are available through Fannie Mae-approved lenders working in partnership with public, private and nonprofit organizations that have formed coalitions to create homeownership opportunities for people with disabilities.
"By joining forces with housing partners, we're helping more families with disabilities and Section 8 recipients become homeowners," said Hiefije. "This partnership allows individuals who are ready for homeownership to realize their goals."
The Ann Arbor Housing Commission allowed Rathbun to use her Section 8 rental assistance voucher and $10,000 in down payment and closing cost assistance from the Michigan State Housing Development Authority, to qualify for a mortgage and purchase her home.
Rathbun also attended homeownership and credit counseling classes offered by Community Housing Alternatives.
"People living with disabilities and Section 8 recipients need to know that there are other alternatives available to help them achieve homeownership," said Elizabeth Lindsley, executive direction of Ann Arbor Housing Commission. "Providing the means to achieve homeownership is tremendously significant and will help them make great strides toward self-sufficiency."
Since September 2000, public housing agencies have had the authority to develop single-family homeownership programs for Section 8 recipients.
The Ann Arbor Housing commission, the county's Public Housing Agency, has created its own program that allows Section 8 recipients to use their vouchers as qualifying income for a mortgage.
Prospective homeowners must be first-time home buyers, have a minimum income of $10,300, one year of employment and must complete a home-buyer education course offered by Community Housing Alternatives.
The employment requirement does not apply to households with disabilities. The Ann Arbor Housing Commission is the first housing authority in the state to offer homeownership options to its Section 8 clients.
For information about the Section 8 to Homeownership Program in Washtenaw County, call the Ann Arbor Housing Commission at 994-2828.
http://www.ypsilanticourier.com/2002/homepage/02121903.htm
Two Washtenaw County women with disabilities became first-time homeowners Monday.
A community partnership involving the Ann Arbor Housing Commission, the Northern Ohio Investment Company, Community Housing Alternatives and Fannie Mae, the nation's largest source of financing for home mortgages to help low-income families, including individuals with disabilities, helped the two purchase their own home.
Ypsilanti Mayor Pro Tem Mayor S. A. Trudy Swanson, U.S. Rep. John Dingell and Ann Arbor Mayor John Hiefije congratulated the new homeowners, Peg Ball and Pamela Rathbun, during a Home For the Holidays celebration held at the the Ypsilanti Marriott at Eagle Crest.
"Homeownership is a challenge for most individuals. I commend the community partners with us today for coming together to ensure consumers like Pam Rathbun and Peg Ball have the opportunity to achieve the American dream of homeownership," said Dingell. "Products, like HomeChoice, truly make a difference for individuals with disabilities and their families."
The two women were able to buy their homes through mortgage financing that utilizes Fannie Mae's HomeChoice mortgage product.
HomeChoice provides flexible mortgage financing for low- and moderate-income people who have disabilities, or who have family members with disabilities living with them.
Rathbun who will celebrate her birthday Christmas Eve, said, "This will be the best birthday and Christmas present ever. I have my own home to celebrate holidays and birthdays with my friends and family. Now I truly feel like I am home."
She received down payment and rehabilitation assistance from the city of Ann Arbor.
"I'm especially proud to see that the Ann Arbor Housing Commission, NOIC, Community Housing Alternatives and Fannie Mae truly make a difference for individuals with disabilities and their families," said Swanson. "These new homeowners are models for other Ypsilanti and Ann Arbor families who want to achieve homeownership."
HomeChoice offers down payments as low as $500 from the borrower's own funds; more flexible use of second mortgage financing for down payment and closing cost assistance, and rehabilitation and access modifications; and special qualifying and underwriting guidelines for borrowers whose incomes are at or below 100 percent of the area median income, $69,900 for the Detroit MSA.
Non-income sources of support and actual living expenses also are evaluated.
HomeChoice loans are available through Fannie Mae-approved lenders working in partnership with public, private and nonprofit organizations that have formed coalitions to create homeownership opportunities for people with disabilities.
"By joining forces with housing partners, we're helping more families with disabilities and Section 8 recipients become homeowners," said Hiefije. "This partnership allows individuals who are ready for homeownership to realize their goals."
The Ann Arbor Housing Commission allowed Rathbun to use her Section 8 rental assistance voucher and $10,000 in down payment and closing cost assistance from the Michigan State Housing Development Authority, to qualify for a mortgage and purchase her home.
Rathbun also attended homeownership and credit counseling classes offered by Community Housing Alternatives.
"People living with disabilities and Section 8 recipients need to know that there are other alternatives available to help them achieve homeownership," said Elizabeth Lindsley, executive direction of Ann Arbor Housing Commission. "Providing the means to achieve homeownership is tremendously significant and will help them make great strides toward self-sufficiency."
Since September 2000, public housing agencies have had the authority to develop single-family homeownership programs for Section 8 recipients.
The Ann Arbor Housing commission, the county's Public Housing Agency, has created its own program that allows Section 8 recipients to use their vouchers as qualifying income for a mortgage.
Prospective homeowners must be first-time home buyers, have a minimum income of $10,300, one year of employment and must complete a home-buyer education course offered by Community Housing Alternatives.
The employment requirement does not apply to households with disabilities. The Ann Arbor Housing Commission is the first housing authority in the state to offer homeownership options to its Section 8 clients.
For information about the Section 8 to Homeownership Program in Washtenaw County, call the Ann Arbor Housing Commission at 994-2828.
http://www.ypsilanticourier.com/2002/homepage/02121903.htm