How A Disabled Person Can Overcome The Challenges of Buying A Home
Obstacles for Disabled People to Buy Homes
Finding and buying a home can be difficult for anyone, but for those with disabilities, the task can seem impossible. For years, discrimination against people with disabilities has permeated every aspect of society, including the housing market. People with disabilities face numerous barriers when trying to purchase a home, from a lack of accessible homes on the market to lenders who are unwilling to give them loans. A disabled person has many obstacles to overcome to buy a home.
The task becomes even harder when you consider the vast majority of homes are not designed with accessibility in mind, making it difficult for those with mobility impairments or other disabilities to even enter the property, let alone to live there without mobility modifications. Even homes that have been designed with accessibility in mind can be out of reach for many people with disabilities, as they are often priced far above the average market value. Even when you find the right home, many people with disabilities find it extremely difficult to get approved for a home loan.
Unfortunately, these problems are compounded by a lack of awareness and understanding of the needs of people with disabilities. Most people with disabilities want to live independently and be self-sufficient, but they are often forced into group homes or other congregate settings because of a lack of affordable and accessible housing.
The current housing market presents an even greater challenge for people with disabilities. The tight housing market has caused home prices to skyrocket, making it more difficult for people with disabilities to purchase a home. Many people with disabilities rely partially or fully on government assistance to help them with their daily living expenses and the additional cost of being disabled, which is exacerbated by the limited job opportunities available to people with disabilities. Typically, these limited benefits are often not enough to cover the costs of purchasing a home, especially in today’s hyper-inflated housing market.
Lack of Accessible Housing
Many people with disabilities require specialized equipment or home modifications to enable them to live independently. When shopping for a home, a person with a disability only has two options, find a home that is already designed to be accessible or modify the home to meet their needs but these modifications can be cost-prohibitive. A lack of reasonably priced accessible homes is a critical issue for people with disabilities. Without access to safe and secure housing, people with disabilities are at a greater risk for abuse, neglect, and exploitation. They are also more likely to experience mental health problems, and their overall health and well-being are compromised.
Know Your Rights
To help people with disabilities overcome their challenges and to ensure that people with disabilities have the same opportunities as everyone else, the Americans with Disabilities Act (ADA) was enacted in 1990. The ADA guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, state and local government services, and telecommunications. People with disabilities must know their rights.
The Department of Housing and Urban Development’s (HUD) Office of Fair Housing and Equal Opportunity (FHEO) enforces the Fair Housing Act, which prohibits discrimination in housing based on race, color, religion, national origin, sex, disability, and familial status. The Fair Housing Act is enforced by HUD’s Office of Fair Housing and Equal Opportunity through investigation and administrative enforcement through the Federal courts.
Identify Your Specific Needs
Everyone is different so you must identify the specific needs that will enable you to live safely and comfortably with your disability. Some home buyers may need to live close to medical facilities or public transportation. Others have more direct needs such as specific home design or accessibility features. Once you have established your needs, you need to determine how much you can afford and focus your search on homes that meet your specific criteria.
Home Purchase Loan Programs
There are many different home loan programs available for people with disabilities. The type of program that is right for you will depend on your specific situation including financial need, type of house, location, and whether the home will need to be modified to suit your needs. Below we discuss some of the more popular programs and how they may help you.
FHA Home Purchase Loan Programs
The Federal Housing Administration (FHA) offers several home loan programs that can be helpful for people with disabilities. The FHA does not provide loans; they insure the home lender from potential financial loss. If a borrower defaults on the home loan the lender will be repaid by the FHA for the money the lost. This can make it easier for people with disabilities to qualify for a home loan because the lender knows they are protected against a loss. There are two main home loan programs that the FHA offers to home buyers.
The FHA 203(b) home loan program provides loans to disabled individuals with low to moderate incomes. This program is designed to help people with disabilities purchase or refinance a home. FHA 203(b) loans have reduced down payment requirements as low as 3.5% of the purchase price and easier loan qualification criteria. This is an ideal loan when you are buying a home that needs little or no modifications.
The FHA 203(k) rehabilitation loan will not only finance the purchase price of the house it will also allow you to borrow the money to make modifications or improvements, all in the same loan. As with all FHA loans, they have reduced down payment requirements as low as 3.5% of the purchase price and easier loan qualification criteria. This is an ideal loan when you are buying a home that will need moderate to substantial modifications.
VA Home Purchase Loan Program
The VA home loan program is a program that is designed to help disabled veterans purchase a home. These are fantastic loans as there are no down payment requirements and the seller can assist with paying some of the buyer’s fees. Like FHA loans, the VA does not provide loans, they insure the lender from potential financial which enables the lender to provide reduced rates and easier loan qualification criteria. Like FHA 203(k) loans, you can also borrow the money for modifications which will be included in the same loan. This is an ideal loan when you have limited cash but the ability to make the monthly payments, but you must qualify to obtain a VA Loan.
The USDA Home Loan Program
The USDA home loan program is another federal government program that is designed to help people purchase homes in rural areas with a population under 35,000. Eligibility for these loans is based on income and varies according to the average median income for each area. This program is similar to VA loans as there are no down payment requirements but they are open to everyone who is buying a home in a rural area that meets the maximum income requirements. They also allow you to borrow the money for modifications which will be included in the same loan. This is an ideal loan for disabled people with limited cash but the ability to make the monthly loan payments.
HUD Homeownership Voucher Program
The HUD homeownership voucher program is a little-known and underused federal government program that offers many benefits to disabled people. In essence, if you currently have a section 8 rental voucher or you can apply for and obtain a section 8 rental voucher they can be converted into mortgage payment vouchers. This can not only help you get approved for the loan but will also help pay the monthly mortgage payment. And for once, being disabled is advantageous because the income and asset rules are reduced or eliminated for disabled people. This program is not available everywhere and has its limitations but it is definitely worth checking into as the benefits for disabled people are extraordinary.
Homeownership is Possible
Despite the many challenges, there are thousands of people with disabilities who have been able to find, purchase, and maintain their own homes. With perseverance and a bit of creativity, people with disabilities can live independently and enjoy all the same comforts and conveniences as anyone else. But as with everything in a disabled person’s life, it just takes more time and effort – but the effort is worth it in the long run!
There are many great organizations and programs that are working to address the housing needs of people with disabilities, like the Cerebral Palsy Guide and the Birth Injury Center, but much more needs to be done. To overcome these challenges, we must increase awareness of the issue and work together to find solutions that will enable people with disabilities to live in the community, independently and with dignity. We hope this information is a step in that direction and enables you to achieve your dream of home ownership!
Brought to You by OutFactors
This information is provided by OutFactors, a home cash buyer. At OutFactors, we buy houses as-is for cash and close quickly. To get a great cash offer on your home, you just need to enter your address and answer a few simple questions about your house. The entire process only takes about 2 minutes, and personal information is NOT required. Yes, that is correct! No registration, no telephone number, no email address – not even your name.
If you get started now, 10 days later, you can be sitting at a table signing the closing documents and collecting the cash for your house. So get your cash offer now!
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How A Disabled Person Can Overcome The Challenges of Buying A Home | OutFactors – Dallas Fort Worth, Texas