HomeChoice
HomeChoice - Homeownership for people with disabilities
HomeChoice is a single-family mortgage loan designed to meet the mortgage underwriting needs of low and moderate-income people who have disabilities or have family members with disabilities living with them. HomeChoice mortgages offer flexibility in the areas of loan-to-value ratios (LTVs), down payment sources, qualifying ratios, and the establishment of credit.
Eligible Borrowers
Eligible borrowers for HomeChoice include any low- or moderate-income person defined as disabled by the Americans with Disabilities Act of 1990, or any person defined as handicapped by the Fair Housing Amendments Act of 1988.
An eligible borrower's income may not exceed 100 percent of the area median income where the property is located.
An eligible borrower who has a legally appointed guardian may participate in HomeChoice, provided the legal guardian has a 24-month history of managing the financial affairs of the borrower and intends to continue to do so for the foreseeable future.
Fannie Mae must specifically approve any mortgage where the borrower has a representative payee appointee to accept and administer Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) payments on behalf of the borrower.
