Owning a home is a dream that seems out of reach for many people, especially people with disabilities with low incomes. The good news is that there are a number of resources available to support low-and-moderate income adults interested in pursuing home ownership to:
Valuable Local Resources
Local agencies that specialize in assisting people with disabilities and low incomes pursue home ownership are valuable resources. Movin’ Out, a nonprofit organization located in Madison, Wisconsin, is a good example. They provide information and resources covering a wide range of housing options to Wisconsin households that include a family member with a permanent disability.
Movin’ Out invites clients to participate in individual counseling following a 7-hour classroom curriculum. “We want to follow people through the whole process, from beginning to end, and the class helps us do that,” says Sarah Hurley, one of their housing counselors. She works to create long-term solutions for the many challenges of home ownership.
Using a local resource, such as Movin’ Out, is a great way for people to explore home ownership, connect with potential resources, and to prepare for the unexpected.
Want to do Some Research? Look Online
Many sources of information are available online about non-traditional home loans and community funding sources for those who want to do a little research:
Community Advantage Program (CAP)
CAP offers secondary market capital accessible to eligible low-income and minority borrowers. Visit Community Advantage Program for more.
Federal Housing Administration (FHA)
FHA is a good option for first time home buyers with the limited income as the program requires minimal down payment for eligible participants. Visit Federal Housing Administration (FHA) for more.
HOME Investment Partnerships
Through these programs, federal funding is given to communities to create decent and affordable housing. As a result of this funding, individuals may apply for assistance with down payment and closing costs. Visit HOME Investment Partnerships to learn more.
Community Development Block Grants (CDBG)
Through these programs, federal funding is given to communities to create decent and affordable housing. As a result of this funding, individuals may apply for assistance with down payment and closing costs. Visit Community Development Block Grants (CDBG) to learn more.
Housing Choice Voucher Homeownership
Through these programs, federal funding is given to communities to create decent and affordable housing. As a result of this funding, individuals may apply for assistance with down payment and closing costs. Visit Housing Choice Voucher Homeownership for more.
A Dream Worth Pursuing
Owning your own home may be a dream worth pursuing, given the recent research showing the benefits of home ownership:
- A recent survey revealed that “having a good place to raise children, a safe place to live, more space for family, and control over one’s living space” were all mentioned as motives for pursuing home ownership (Fannie Mae).
- Other benefits include reports of improved physical and mental health (Herbert and Belsky 2008).
- The advantages to owning a home is further supported by the positive effects on children. Research shows that owning is linked to higher educational attainment, increased earning opportunities, and fewer behavioral challenges (Green & White 1997).
Home ownership may seem like it’s an impossible dream, but it may be possible and worth pursuing. If you are someone who is facing what seems like impossible obstacles to the dream life you see for yourself, remember that you are far from the first person to experience this. Pursuing your dream today could lead to you breaking ground in the yard of your new home tomorrow.