These loans are specifically designed to fit your needs whether you are seeking a small loan for needed repairs, a second mortgage for more extensive renovations, or a first mortgage that combines purchase and rehabilitation into one loan. In addition to getting into a home, staying there takes planning and care. Having insurance is an integral part to keeping your home in the face of financial hardship. Hazard insurance is mandatory when your home is mortgaged while mortgage disability insurance is optional . However, three times the number of foreclosures occur due to disability rather than death.
All insurance carriers offer disability insurance for a moderate monthly fee.
If you cannot afford to pay your mortgage because you are disabled for even one month, disability insurance may be key to keeping you and your family in your home. HERE for details about Fannie Mae's HomeStyle Home Improvement Products . The mission of the Community Housing Resource Center is to support community groups and organizations dedicated to affordable housing and community revitalization. This Tip Sheet may not be reproduced nor distributed without prior written permission from the Community Housing Resource Center.