Reasonable Accommodations and Modifications
Persons with disabilities face numerous obstacles to securing housing, ranging from architectural barries to economics and personal history. Fair housing laws recognize these barriers and include important mandates to expand their housing choices and opportunities.
MBOH partners with several groups statewide to address these challenges. Our partners include cities, counties, non-profits, lenders, employers and others who are willing to step in and help make home ownership happen. These housing partners apply to MBOH for funding, called set-aside funds. How it works is, you take out a loan from a local lender for what you qualify for, and the housing partner loans you the balance needed to purchase a home. The interest rate on our set-aside loans is currently 5.5%, which helps your purchasing power go farther. The various partners are able to contribute anywhere from $1,500 to $40,000, depending on your need, location, and their program limitations. The partner's help can be a second loan that requires payments, or the payment on these second loans may be deferred until you sell your home. It is important for you to know that these are loans, and not grants. Down the road when you sell your home, the non-profit gets paid off, and can use that money again to help someone else buy a home.
Each of these special programs has their own guidelines as to income limits and other special requirements. All our housing partners require homebuyer education classes prior to committing their help, and information about local programs is given out at each class. A listing of upcoming classes can be found http://www.nwmt.org/ .
