Loan Program For Disaster Victims

Loan Program For Disaster Victims

Did you know there is a specialty FHA loan program that allows 100% financing to help victims of disasters purchase a new home after their existing residence was substantially damaged? The FHA 203(h) Mortgage Insurance for Disaster Victims program was created specifically for this purpose.

 

This program helps victims in Presidentially Designated Major Disaster Areas (PDMDA) recover by making it easier for them to purchase a new home to occupy if their existing home is affected by the disaster. The new mortgage may be used to finance the purchase of a one-family home that will be the principal residence of the applicant. No down payment is required and closing costs and prepaid expenses must be paid by the applicant through premium pricing or by the seller (subject to a 6% limitation on seller concessions).

 

So, How Can Your Borrower Qualify?

•             600 minimum qualifying credit score

•             Available in 10, 15, 20, 25, and 30 year fixed terms – 5/1 Hybrid ARM option available

•             Eligible properties include 1 – 2 unit primary residences, Manufactured Housing, FHA Approved Condominiums, and PUDs

•             No minimum loan amount

•             No down payment required

•             Max LTV 100% of the adjusted value

•             Purchase transactions only

•             The FHA case number must be assigned within one year of the date of the PDMDA

•             If rehabilitation of damage is required, see 203(k) options

 

For more information on the FHA 203(h) Mortgage Insurance for Disaster Victims and our other program options, contact me today! 


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Author:
Phone: 985-327-9058
Dated: August 24th 2016
Views: 19
About Nicole: As part of the Buyers Division on the Williams Team, we go into every situation with your best inte...

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