Credit_Financing

1、Of YourOwnSince 1996:More than 175 people with disabilities have joined the ranks of Texas homeowners.More than 600 additional individuals and families are in various stages of the home buying process.Generated more than $9 million for homeownership support from government agencies, grants from priv

2、ate foundations, private mortgage loans and other sources.HOYO NetworkEl PasoFort WorthDallasAustinHoustonFive local chapters-and plans for more!Barriers to Homeownership Encountered by People with DisabilitiesLow Incomes & Fewer Credit/Financing OpportunitiesLack of Accessible & Affordable HousingA

3、ttitudinal BarriersChoice Independence Community Texas HOYO ValuesAll individuals with disabilities can and should live in the community, given the appropriate supports they need to be successful.Choice Independence Community Texas HOYO ValuesSupport services, including homeownership services, shoul

4、d be tailored to the needs of the individual with disabilities and their family.Choice Independence Community Texas HOYO ValuesPeople with disabilities should have control over the support services they receive including the services that support them along the path toward homeownership.HOYO is uniq

5、ue because it brings together organizations representing a broad range of expertise and experience, not just in disability, but also in fields associated with homeownership such as mortgage financing, housing development and real estate. Important Note!A big part of Texas HOYOs job is educating pros

6、pective coalition members and others about people with disabilities and the importance of Texas HOYO values. Partner CommitmentsParticipating organizations and partners are asked to commit to provide specific services, as appropriate to their business.Thats cool.Partners Disability agencies/organiza

7、tionsConsumers, family, and advocates&Outreach, Outreach, Outreach! Texas Department of Housing and Community AffairsState housing development and finance agencyCollaborate with other HOYO partners to make homeownership a reality for people with disabilities and their familiesTDHCAs InvolvementDown

8、Payment and Closing Cost Assistance:Up to $15,000, based on family income, to assist with down payment and closing expenses. Home Investment Partnership Program (HOME) through the state housing agencyTDHCAs Involvement Home Modifications:Removing architectural barriers and/or adding accessibility fe

9、atures (up to $20,000 through Texas HOYOthe amount varies based on assessment).Owner-Occupied Rehabilitation (OOR) HOME funds through the state housing agency PoliciesCreated Disability Advisory Committee Commit resources to conduct an in-depth study of the housing needs and preferences of people wi

10、th disabilities.TDHCA: Partnership EffortsIntegration Definition: TDHCA fully supports housing that provides for integration of people with disabilities into the general population Lender ParticipationAppoint a representatives who will work together with other partners to further housing and homeown

11、ership opportunitiesCollaborate with other HOYO partners to make homeownership a reality for people with disabilities and their familiesLenders offer targeted mortgage productsFannie Mae loans are targeted to low- to middle-income families and individuals, including HomeChoiceSM a product developed

12、specifically for people with disabilities who are first-time home buyers.Community Lending Mortgage counselors specially trained in affordable lending products and services Down payment assistance available through local programs Mortgage loans (also known as “portfolio” loans) offered as part of ef

13、forts to comply with the federal Community Reinvestment Act. New MarketParticipating in the Texas HOYO effort and partnering with Fannie Mae has provided a new population of people not previously outreached to for mortgage lending. Mortgage lending staff participate in awareness building about the h

14、ousing needs of a person with a disability.It is good business!Long-standing myths and stereotypes about people with disabilities pose serious barriers in developing productive relationships with lenders, realtors and others in the housing industry.HOYO Program SupportsPath To HomeownershipCall HOYO

15、1.800.988.4696Attend HOYO orientation to discuss possible barriers to homeownershipHomeAre you ready to continue the home buying process?YES?!Complete application & wait for word about approval and possible barriers.NO?Work on barriers and let HOYO know when youre ready to try again.Complete Homebuy

16、er Education ClassKeep working on credit and/or saving money (if necessary)!Submit loan application with HOYO commitment for down payment. When you qualify for a loan, contact the realtor of your choice.Locate a home. Make an offer with the HOYO stipulation of approval.Compared to the general popula

17、tion, people with disabilities are more likely to have limited income, lower cash reserves and higher disability-related expenses.HOYO Homebuyer Counseling ChallengesHousing Counseling OrganizationsMake referrals to HOYOPromote HOYO in the communityCollaborate with other HOYO partners to make homeow

18、nership a reality for people with disabilities and their familiesHomebuyer Counseling ServicesPost-Purchase Follow-up & SupportPre-Purchase Borrower Educationand Counseling-Homebuyer education class -Consumer credit counseling -Homeownership plan -Budget preparation and mortgage financing counseling Had strong connections with local agencies and organizations and able to tap into a var