Home Financing for Disabled People – 5 Important Guidelines to Follow

The guidelines are made to assist and support people with disabilities, and their loved ones when it comes to home buying procedure. Remember, home financing for disabled people is an important task to tackle.  In this article, you’ll learn about five important procedures in home buying and the financial assistance available to ease your living despite the fact of your disabilities.

Even though you have disabilities, but you need to know more about home ownership like;

•    The pros and cons of home buying

•    The important steps in home buying process

•    The home buying common terms

•    Getting started to buy a home

•    Financial assistance to enable you to buy a home

Step #1 – The Pros and Cons of Home Buying

In the United States, there are more than 40 million people living with physical or mental disabilities. Yet, a small percentage of them enjoy the privileges of home ownership.

Sense of belongingness and Independence

Nowadays, people with disabilities live in group homes, nursing homes, institutions, or at home with their family. Meaning, there is someone that sets and control the rules for them. Even though they have disabilities but they need importance and must have a freedom to rule for themselves.  One advantage of having a home is that you have a control of yourself and responsible for your well-being and life.
Having a home boosts not only the sense of independence but as well the sense of connectedness. Being a home owner, you’ll be likely recognized and important in the community where you reside. Most things involve are; knowing your neighbors, paying taxes, and belongingness. These are some little advantages of owning a home

Personal Assistance and Responsibility

By investing in homes and getting a financial plan, you’re getting a step based on your own decision how you would like to be. By this action, you’re also getting responsibility towards your faith that could bring a sense of control and accomplishment. Although you are not living anymore with the institution, you are still eligible for a personal assistance.

A huge step to take

Home buying is considered a huge step to tackle especially if you have disabilities.  Living alone requires a superior level of responsibility and independence as well. In case you are independent when it comes to assistance, make sure your neighborhood is caring enough and could help you anytime.

It costs a lot of money to own a home due to maintenance and other factors like paying bills compared to living in the nursing home or perhaps renting. However, these are not a problem because there are lots of options that can help you.

Step #2 – Be Familiar with the Home Buying Process

In this step you will learn about the meaning of mortgage loan and how to pay for your home.

Facts on home payment

The primary step in home buying is learning and understanding how you should handle the payment. When individuals purchase a home, it is normally to get a mortgage loan at the bank or any lending institutions.

Here are the things to consider if you need a mortgage loan;

•    Insufficient money to buy a home

•    Once you have applied and the bank approves, the money should be paid for the home down payment.

Step #3 – Getting started

Now that you have an idea about loan processing, it is time to get started in buying a home. The information below can help you how to proceed with home buying. The details are adjusted through the needs of the buyers having disabilities.

•    Don’t do it alone

The process of home buying takes a longer period of time and sometimes causes irritation, doubt, and frustration. So, never do it alone and it is best to ask some assistance from a family member or a friend. These people are willing to help you without a cost. You need also to boost your power since you need to meet a lot of people and make a wise decision.

•    Speak to a housing counselor

Start looking for a reliable housing counselor in your place.  The housing counselor provides an important role in finding the easy and worry free home buying process. However, make sure the counselor is accredited and approved by the HUD.  This person is also educated and can assist you even though you have disabilities.

The housing counselor will perform the following;

1.  Explain and discuss the housing options

2.  Research the financial assistance program suited for you

3.  Help reach housing solution

•    Establish your needs and what you can manage to pay for

Before searching for a home, know first what you are searching for. You need to sit down and speak with your housing counselor to do the lists that you want. Implement the costs needed depending on your wants in a home.

•    Get pre-qualified

Get pre-qualified when it comes to mortgage loans. This will help in making realistic computation if you can really afford to buy a home. The mortgage lender will review your financial standing and estimate the amount you need to borrow. Due to this result, you can narrow down the search for any home depending on the pre-qualification.

Step #4 – Be Familiar of your Rights

When dealing with the realtors, sellers, lenders, and financial assistance programs or housing organizations, you should know your rights as an included party. You will find in this step the information regarding federal laws in the U.S and regulations to protect your right as a home buyer having a disability.

Housing disability rights:

•    It prohibits individual’s discrimination with disabilities.

•    Provides housing to accommodate people having a disability.

•    Contact housing provider to permit people with disabilities to create realistic modifications.

•    Requires developers, architects, and builders of multifamily home to be constructed according to their convenience.

Step #5 – Seek for Financial Assistance

This is considered as the final step in buying your dream home. This is directed to the upcoming buyers with disabilities and need of general and financial assistance from the state to get their desired home ownership.

Here are the lists of financial programs available;

  • Social Security Program

This provides help to people with disabilities which is also known as The Social Security and Supplemental Security Income.

  • Home Ownership Voucher Program

This is a kind of HUD program that is part of the section 8 that targets first time home buyers that need assistance in paying their mortgage monthly payments.

  •  Habitat for Humanity

This is a non-profit organization that helps create home for disabled people and in needs. If you are approved in  this program to grant homes and mortgage loans, you are sponsored through volunteer works, donations, and state resources.

There are still many resources and programs available for people with disabilities that you need to know and reading through the information above, could ease the worries you feel. If you are one of these persons having disabilities who want to be a homeowner, then consider the above information!

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