Mortgage And Home Loan Guide For The Disabled!
Who doesn’t want a place of his own to reside with his family? But this may just stay a dream for many people. Mortgages and home loans come to the rescue of these people. However, the procedure is not simple and neither is getting an approval. This can, in fact, turn tricky as there are different steps involved for people with different conditions. There are Things New Home Buyers Need To Keep In Mind Before Going On A House Hunt! So, let’s take a look at the mortgage and home loan guide for the disabled.
Table of Content
- 1 Mortgage And Home Loan Guide For The Disabled
- 1.1 Be aware of your rights
- 1.2 Getting your home
Mortgage And Home Loan Guide For The Disabled
Be aware of your rights
First things first! It is of an extreme importance that you know your rights and keep them in mind while you deal with the lenders, sellers, realtors, financial assistance program and housing organization representatives. Furthermore, you should check out Mortgage Banker vs Mortgage Broker vs Lender Reviews to know which one is better.
Disability rights in housing
A person, having a stated and confirmed mental or physical disability that restricts their ability to do one or more general life activities, are protected by the federal laws which:
- Bars discrimination against people with a disability. The law further prohibits altering or changing an application or qualification criteria or costs or fees or terms which are different from what is normally specified.
- Requires housing providers to arrange accommodations for people with disabilities. But there is a condition- housing providers are supposed to make no changes that may cause a financial or organizational hardship or fundamentally alter the program.
- Needs housing providers to permit people with disabilities to make sufficient modifications to the house. These modifications and changes include simpler accommodations allowing home-owners to exploit their home to the fullest. The modifications could include lowered entry entrance, stair-lifts, etc.
- Requires engineers, builders, developers, and architects to build multifamily residence according to specific accessibility requirements.
The Fair Housing Act
The Fair Housing Act includes all the housing providers like real estate agencies, landlords, realtors and other parties included such banks and private lenders, home insurance companies and housing counselors. The law bans any sort of discrimination by above-mentioned members that makes it tough or impossible for a person to obtain housing due to his/her race or skin color, religion, sex, family status, national origin or disability.
The Americans with Disabilities Act
The ADA guards people living with disabilities against discrimination in public employment, state or local government, commercial facilities, transportation, telecommunications or accommodations.
The Americans with Disabilities Act is a comprehensive law observing the rights of people with disabilities against discrimination. While FHA covers specifically housing, Americans with Disabilities Act deals with discrimination in various areas related to home-buying.
Getting your home
Find a housing counselor
Why not start the whole process by finding a housing counselor in your area? They can play a tremendous role in finding and finalizing the right home for you. A United States Department of Housing and Urban Development approved housing counselor will help you at a small cost.
Jot down your needs and your budget
Before you go on a house hunt, you must specify your needs. therefore, sit down with your housing counselor to short-list your needs and wants. Finalize a budget by considering the costs of the changes you will need to make in the house to make it more disabled-friendly.
A pre-qualification for a mortgage loan will give you a realistic estimate of how much you can spend. The lender goes through your current financial situation and gives an estimate of how much they will lend. Hence, this allows you to narrow down your home search based on the estimated loan amount.
Making an offer
You can make an offer once you get pre-qualified and have finalized a budget. Your housing counselor and realtor will look for a house available in the market that fits your needs perfectly.
Time to apply for a mortgage loan
After you have your dream house, it’s time to apply for a mortgage loan. You can also ask your housing counselor to assist you with the process. However, a bad credit score can surely be troublesome. Do you know How To Improve Credit Score Immediately?
Seal the deal
Once the ownership of the house is transferred from the seller to you (buyer), the deal is closed. The lawyer representing the lender will contact you to explain what to bring to the closing and the closing process.