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 assignedwithin one yearof 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!
Author:Nicole Azzi 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...
Sparking Smiles Plus Dedication Equals RE/MAX Sterling
RE/MAX Sterling was founded by Lazaro & Jami Marganon and is locally owned and operated by them. RE/MAX Sterling is comprised of two offices serving all of Northeast Florida.
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"Thank you to The RE/MAX Sterling (Powerhouse) Team, Jami and Lazaro, for not only being top notch, professional agents, but for having a genuine interest in looking out for me during the entire home purchase experience. From start to finish, the process was so quick and seamless, I still can't believe I have my house! While other agents were more interested in financials, (even though I was already preapproved) and wouldn't show me ANY listings, (even though these were within my range), this team stepped up to the challenge and demonstrated that they were more interested in assisting me get into my new home. I stumbled upon this team, gratefully, and I cannot say enough. From the moment of first contact all the way through closing, they were always accessible and always returned calls the same day. They never steared me wrong and guided me throughout it all. The proof is in the pudding, I have my key! Buying a home doesn't have to be stressful, The RE/MAX Sterling (Powerhouse) Team has proved that! This is MY team for any and all future real estate transactions. Thank you from the bottom of my heart for everything."
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The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we can not represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and can not be verified. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.
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