Helpful Programs for Disabled Senior Homebuyers

It has been a busy past few weeks for us as our daughter has been in and out of pre-term labor. We are proud to announce that after many times of stopping labor our grandson was born last week! His lungs weren't quite ready for the world and he has been in the NICU.  We laugh because his parents named him Rush and he really did "rush" to get here.  Mommy and baby are fine and we are happy to report that he should be able to go home from the hospital very soon!   

During this busy time we are grateful to Patrick Young who has written another guest post for us.  Patrick is an advocate for people with physical disabilities and limitations. 

Helpful Programs for Disabled Senior Homebuyers

Disabled seniors have a lot to consider when purchasing a new home. In addition to finding the perfect home for retirement, older adults with a disability must consider their current accessibility demands and how those needs could continue to evolve with age. However, for many disabled senior homebuyers, the biggest concern is how to afford a home at all. Here are a few programs that can help disabled seniors get into a new home.

Department of Housing and Urban Development

HUD has a Homeownership Voucher Program to assist low-income disabled persons with their housing costs. Under this program, your monthly mortgage payments can be subsidized by the government. Homeowners and renters receive vouchers to help pay for housing. However, this program is administered locally, and not all municipalities have programs for both homeowners and renters. To find out if there’s a Homeownership Voucher Program available to you, contact your local public housing authority.

Fannie Mae

Fannie Mae, more formally known as the Federal National Mortgage Association, offers the HomeReady mortgage program. Available in all 50 states, this program helps low- and moderate-income adults access mortgages. The program lets borrowers include income from non-borrower household members, non-occupant borrowers, and tenants and boarders when qualifying for a mortgage. This flexibility is valuable for disabled adults who are more likely to rely on non-traditional sources of income.

Department of Veterans Affairs

Seniors who are disabled veterans can find help purchasing a home through the Specially Adapted Housing and Special Housing Adaptation grant programs, offered through the Department of Veterans Affairs. In 2018, the SAH grant offers up to $81,080 to purchase or construct an accessible home or remodel an existing home to meet your disability needs. The maximum grant under the SHA program in 2018 is $16,217.

Other Organizations

●     Social Security disability income can be used to qualify for a mortgage as long as your benefits do not specify an end date.

●     Habitat for Humanity can help low-income disabled seniors get into safe, affordable housing. In order to become a homeowner through Habitat for Humanity, you must be able and willing to put in sweat equity and receive financial education. In addition, the homeowner is responsible for paying the mortgage on the home, but Habitat for Humanity offers affordable mortgages designed to be manageable for people on a limited income.

●     Homes for our Troops is a nonprofit organization that helps service-disabled military veterans become homeowners. The organization builds new construction homes that are specially adapted to the unique needs of the disabled veterans they serve. The homes are provided free of charge, making this a wonderful program for qualified individuals. In order to qualify, veterans must have sustained their disability after September 11, 2001.

●     While not specifically for people with disabilities, loans backed by the Federal Housing Administration can help low-income persons obtain a mortgage. FHA-insured loans offer more lax credit requirements and down payments of as little as 3.5 percent.

●     State and cities may have additional programs to assist disabled homebuyers. A HUD housing counselor can help qualifying seniors find local programs for disabled homebuyers.

●     This comprehensive guide from HomeAdvisor lists a variety of grant options from several organizations that will help homeowners who need to find funding for home modifications.

In addition to reading up on these programs, disabled seniors seeking to purchase a home should know their rights as a senior homebuyer — like the fact that mortgage lenders can’t discriminate based on age or disability status, thanks to the Equal Opportunity Credit Act and the Fair Housing Act, respectively.

Buying a home in your senior years can be a complicated process, and a disability only adds to the challenge. However, it’s also completely worthwhile and doable with a little extra research and perseverance.

Image via Pixabay

Patrick created AbleUSA to offer resources to people with disabilities and officer advice about navigating various aspects of life. For more information and resources, you can contact Patrick at AbleUSA.