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Thread: Any use a FannieMae Home Choice Loan?

  1. #1
    Senior Member Jeff's Avatar
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    Any use a FannieMae Home Choice Loan?

    I'd love the opportunity for a real low down payment.

    HomeChoiceSM mortgage loans are designed to meet the special underwriting needs of low- and moderate-income borrowers who have disabilities, or who have family members with disabilities living with them. The mortgage offers a down payment as low as $500; greater flexibility in qualifying and underwriting standards; and acceptance of nontraditional credit histories. HomeChoice mortgage loans are available through Fannie Mae-approved lenders working in partnership with coalitions of organizations that combine efforts to create homeownership opportunities for people with disabilities. HomeChoice loans are also available through single agencies that have been approved by Fannie Mae and offer home-buying support similar to that offered by coalitions.

    ~See you at the SCIWire-used-to-be-paralyzed Reunion ~

  2. #2

    mortgages

    How low down payment do you want? As little as 5% down is pretty common without having to fall in the income guidelines of programs such as this.

  3. #3
    Senior Member Jeff's Avatar
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    Well...

    This program includes "moderate" incomes which I think I might qualify for - although I couldn't find the information as to what it exactly means. I'm not a first time home buyer, anymore, so no breaks there. 5% down usually means paying mortgage insurance. Just trying to put in a little research to get the best deal. BTW, I heard disabled people get a break on real estate taxes here in Florida but I don't know much about that, either.

    ~See you at the SCIWire-used-to-be-paralyzed Reunion ~

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