| Ranking |
Good Idea |
| Description |
The HomeChoice Second Mortgage Program is a Down Payment Assistance Second Mortgage loan for people with disabilities or who have a family member with a disability living with them. HomeChoice™ addresses the unique housing and home-buying needs of individuals with disabilities by allowing for lower down payments; more flexible use of second mortgage financing for down payment and closing cost assistance, 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. HomeChoice™ loans are available through Fannie Mae-approved lenders working in partnership with organizations called HomeChoice™ Coalitions. These groups are comprised of public, private and nonprofit organizations that have come together to create homeownership opportunities for people with disabilities. HomeChoice™ Coalitions facilitate comprehensive pre- and post-purchase counseling for borrowers and provide down payment, closing cost, and home-access modifications or rehabilitation assistance, as well as delinquency prevention support for HomeChoice™ borrowers. In Washington, the Washington State Housing Finance Commission (WSHFC) is the lead HomeChoice™ Coalition agency. |
| Goal / Mission |
To assist people with disabilities or people who have a family member with a disability living with them to achieve affordable home ownership. |
| Results / Accomplishments |
417 individuals with disabilities have achieved the American dream of homeownership thanks to the HomeChoice™ mortgage. In Washington alone, 211 individuals with disabilities and their families have become homeowners with the help of HomeChoice™ - more than any other state in the nation. |
| Categories |
Economy / Homeownership
Economy / Government Assistance Programs
|
| Organization(s) |
Housing Finance Commission |
| Date of Implementation | 1996 |
| Location |
State: Washington |
| Primary Contact |
Karen Carlson
Washington State Housing Finance Commission
206-287-4413
karen.carlson@wshfc.org
http://www.wshfc.org/buyers/homechoice.htm
|
| For more details |
http://www.wshfc.org/buyers/homechoice.htm |
| Target Audience |
Families, People with disabilities |
| Submitted By | Caila Grubbs, WWU Student |
|
