New Mortgage Program Offers Disabled A Break

Washington state has been chosen as one of the first to participate in a pilot progam offering mortgages to low- and moderate-income people who have disabilities or who have family members with disabilities living with them.

The program, called HomeChoice, is being offered by Fannie Mae. Customers will work with Fannie Mae-approved lenders and may choose between 15- or 30-year fixed-rate loans.

The loan may be used to purchase a house or condominum, so long as it's used as a principal residence.

According to Fannie Mae, HomeChoice differs from other mortgage loans in several ways. It requires lower down payments - from $250 up to 2 percent of the home's sales price or appraised value, whichever is less. Nontraditional credit histories are accepted and borrowers with incomes at or below 50 percent of the area median income can qualify based on their personal budgets - not just the debt-to-income ratios most loan programs use.

To be eligible, the person's disability must be among those defined by the Americans with Disabilities Act of 1990 or the Fair Housing Amendments Act of 1988.

For more information call Fannie Mae (800-7FANNIE).