Home Choice Loan
Community Development Corporation of Utah (CDC) is a sponsor of
The Home Choice Loan Program that will assist with the critical need
For accessible affordable housing in Utah. Today, the CDC targets
Low income families earning 80% or below the area median income
(AMI), and people with disabilities in order to make home ownership
more affordable. Those individuals with disabilities, or families with
a family member with disabilities, who earn more than 80% of the
(AMI), will be given direct assistance by our Home Choice partner,
MetLife.
HomeChoice is administered by:
Neighborhood Nonprofit Housing Corporation
95 West Golf Course Rd #104
Logan, Utah 84321
Phone # is 435-753-1112
homechoice@nnhc.net
ELIGIBLE BORROWERS FOR HOME CHOICE:
Includes anyone defined as "a person with a disability" by the
Americans with Disabilities Act of 1990; or "handicapped" as defined
by the Fair Housing Amendments Act of 1988; and who "lives in low-
to-moderate-income households," as defined by the Department of
Housing and Urban Development (HUD). This definition generally
Includes incomes at or below the median income for your area.
DOWN PAYMENT ASSISTANCE
Borrowers' entire income must be at or below 80% of the area
Median income (AMI) as published by Housing and Urban
Development to be eligible for down payment assistance through the
"Own in Salt Lake or Rural Assistance Programs."
ELIGIBLE MORTGAGES
Mortgages that include 15 to 30 year fixed rate, fully amortizing (the entire principal, interest, taxes, and insurance payments are paid monthly), level payment mortgages.
LOAN AMOUNT
Borrower must provide 3% down payment; family, seller or realtor may gift most of those expenses. The loan allows for retrofit/handicap accessibility to be done.
Home Choice FLEXIBILITIES
- Lower down payment requirements
- Budget-based qualification process for borrowers with incomes below 50% of Area Median Income (AMI)Nontraditional credit histories
- Nontraditional sources of support and income
- Minimum down payment is 3% or the lesser of the sales price or Appraised value of the security property
- Home Choice allows for lower cash investment from the borrower's own funds
- Down payment assistance can come from gifts, grants, and secured loans from nonprofit or government entities.
- Must demonstrate the willingness and ability to repay the mortgage through credit references which may include Verification from landlord, utility, and telephone companies.
- Borrowers without much credit history may be eligible for a Home Choice mortgage if there is a legal guardian who has been managing the borrower's financial affairs for the prior 24 months and will continue to do so.
- Specific Fannie Mae approval is required for any borrower that has a representative payee who has been appointed by the Social Security Administration to accept and administer Social Security Income or Social Security Disability Income benefit payments on behalf of the borrower.
- Wages and salaries
- Social Security Benefits
- Supplementary Security Income (SSI)
- Supplemental Security Disability Income (SSDI)
- Workers' Compensation
- Private disability insurance
- State supplemental income payments
- Aid to Families with Dependent Children (AFDC)
- Trust income from "special needs trusts"
- Medicaid Home and Community-Based Waiver Funds
- Transportation and Meal Vouchers
- Social services and other non-cash support from a government or nonprofit agency or organization
- Property repair and maintenance assistance
- For groups of two borrowers, non-income sources of support shall be included as income items in the budget-based qualification process
- Non-income sources of support that are specifically committed to the mortgage payment shall be included in the borrower's income for qualifying purposes
The borrower shall attend Homebuyer Education Classes, and may be invited to prospective homebuyer workshops sponsored by a member of the Home Choice Coalition. The borrower may contact any member of the coalition for further information. Please contact the Community Development Corporation for the members in your area.
