Olene Walker Housing Loan Fund
What is the Olene Walker Housing Loan Fund - HomeChoice?
The Olene Walker Housing Loan Fund (OWHLF) - HomeChoice has been created to help low and moderate income persons or families with disabilities buy affordable housing. The HomeChoice program allows funding for 30% of the purchase price at a 1% interest rate. In other words, the HomeChoice program is a 2nd mortgage with a very low interest rate making mortgage payments much more affordable.
How do I qualify?
- Any person with a disability or a family member with a disability may be eligible (as defined by the Americans with Disabilities Act of 1990 or by the Fair Housing Amendment Act of 1988).
- You meet certain household gross income limits. These income limits vary by county, please Apply Online to find out if you meet the income guideline.
- You must qualify for a 1st mortgage that permits a 2nd mortgage by the HomeChoice program.
Additional Information
- Your file must be approved by the HomeChoice Committee, which meets one time a month.
- Down payment requirement: A minimum of 3% down payment, of which at least $500 must come from Borrower's own funds. The rest can come from a family gift or from a down payment assistance program.
- No trailers, manufactured or modular homes are permitted.
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To speak with a program specialist, call 801-860-1003