HERO Alliance

Homeownership Education and Resource Opportunities

 

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Loans for Persons with Disabilities

Partners of the HERO Alliance offer a number of financing options to qualified buyers that are often combined as necessary. These options work because partners leverage mortgages and often draw upon more than one program.  The HERO Alliance can provide lender contact information.  Your housing counselor or lender can help you determine which program is best for you.

If you are looking for similar programs in other states, visit the HUD website at www.hud.gov

Some of the programs in Colorado include:

· The Colorado Housing and Finance Authority (CHFA) HomeAccess  and SectionEight loans provides below market interest rates as well as down payment assistance to buyers with disabilities.  For more information visit www.chfainfo.com

· Wells Fargo’s Community Development Mortgage Program offers a below-market interest rate to non-first time disabled homebuyers.

· United States Rural Development (USDA/RD) has a number or products that identifies mortgage funds at below market rates for people wanting to purchase in rural areas of Colorado.  For more information visit: www.rurdev.usda.gov/co/sfh.htm.

· Organizations such as Colorado’s Supportive Housing and Homeless Programs, the Colorado Division of Housing, Fort Collins Housing Authority, Pueblo Housing Authority, Loveland Housing Authority and Jefferson County Housing Authority can use a Section 8 voucher that a person has used for rental assistance for assistance with paying a mortgage.

 

For more detailed information on the disability loan programs and contact information, call the HERO Alliance at 720-941-8901.

Borrowers interested in receiving downpayment assistance from the Colorado Housing Assistance Corporation must attend the CHAC homebuyer education class. For the current schedule visit the CHAC homebuyer education schedule at: http://coloradohousingassistance.org.  If persons are in rural areas or are unable to attend the regular scheduled class, please contact CHAC directly at 303-572-9445.


"Reverse Mortgages: Are They for You?"
WASHINGTON - The Office of the Comptroller of the Currency (OCC) today issued a consumer advisory to help consumers better understand reverse mortgages. Reverse mortgages generally are available to consumers who are 62 or older, and can be used to supplement retirement income or meet health care or other financial needs.
 
The information developed for consumers discusses basic facts about reverse mortgages, which are complex, home-secured loans. Under a reverse mortgage, a consumer receives payments from the lender - either over time or all at once - based on the value of the home at the time of the loan. As the consumer receives payments, and interest and fees accrue, these amounts are added to the loan balance. The advisory also reviews the costs and benefits of reverse mortgages.
 
In addition, the OCC's consumer advisory provides basic "rules of thumb" for consumers who are considering a reverse mortgage -- the advisory urges consumers to (1) investigate other alternatives in addition to reverse mortgages, (2) remember that reverse mortgages generally make more sense the longer the consumer remains in the home, and (3) be wary of anyone trying to sell other products along with a reverse mortgage.
 
The OCC urges consumers to consult with a qualified, independent housing counselor before entering into a reverse mortgage, and explains how consumers may obtain additional information about reverse mortgages.
 
"Reverse Mortgages: Are They for You?" is available on the OCC's website, www.occ.gov.