U.S. Representative Rodney Frelinghuysen, the Housing Partnership for Morris County, JPMorgan Chase, and Fannie Mae announce the availability of the HomeChoiceSM Mortgage for home buyers with disabilities
Dover, NJ, January 16, 2002 - U.S. Representative Rodney Frelinghuysen (R-NJ) today joined representatives from the Housing Partnership for Morris County and Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, to announce the availability of the HomeChoiceSM mortgage, which provides affordable homeownership opportunities for low- and moderate-income borrowers who have disabilities, or who have family members with disabilities living with them. The HomeChoiceSM mortgage offers flexible loan-to-value ratios, down payment sources, and qualifying income and credit criteria to help expand homeownership opportunities. The JPMorgan Chase Community Development Group is the lead lender, and partner with the Housing Partnership for Morris County and will originate these mortgages.
"I'm proud of the commitment Fannie Mae and the Housing Partnership for Morris County have made to people with disabilities in New Jersey," said Rep. Frelinghuysen. "These families will have the same opportunity to pursue the American Dream of homeownership as their fellow New Jerseyans."
HomeChoice addresses the unique housing and home-buying needs of individuals with disabilities by allowing for lower down payments; more flexible use of second mortgage financing for down payment and closing cost assistance, rehabilitation and access modifications; and special qualifying and underwriting guidelines for borrowers whose incomes are at or below 100 percent of the area median income.
"JPMorgan Chase is pleased to serve as the lead lender for this very important mortgage product that goes a long way toward strengthening communities through the power of homeownership," said Mark Willis, executive vice president of the JPMorgan Chase Community Development Group. "We are proud to have served in a leadership role in serving special needs populations, such as people with disabilities, in bringing together the resources and partners to make HomeChoice a reality."
"We have been able to help many families with disabilities move into a home of their own and thanks to the flexibility and non-traditional underwriting criteria of the HomeChoice Mortgage, we can help even more," said Susan Zellman, executive director of the Housing Partnership for Morris County. The Housing Partnership for Morris County is a nonprofit housing counseling agency that will offer homeownership counseling and information on the HomeChoice mortgage.
HomeChoice loans are available through Fannie Mae-approved lenders working in partnership with organizations called HomeChoice Coalitions. These groups include public, private and nonprofit organizations that have come together to create homeownership opportunities for people with disabilities. The coalitions facilitate comprehensive pre- and post-purchase counseling for borrowers and provide down payment, closing cost, and home-access modifications or rehabilitation assistance, as well as delinquency prevention support for HomeChoice borrowers.
"Becoming a homeowner is a challenge for most individuals, but Fannie Mae?s HomeChoice mortgage truly makes a difference for individuals with disabilities and their families," said Timothy Touhey, director of Fannie Mae's New Jersey Partnership Office. "HomeChoice is part of Fannie Mae's commitment to provide affordable housing opportunities to all individuals who are ready to become homeowners."
