203(h) Disaster Relief
If you have been the victim of a major disaster then the Federal Housing
Administration (FHA) may have a solution to help you. The FHA offers mortgage
insurance to help such victims rebuild or purchase a new home under Section
203(h) of the National Housing Act.
Administration (FHA) may have a solution to help you. The FHA offers mortgage
insurance to help such victims rebuild or purchase a new home under Section
203(h) of the National Housing Act.
How does the FHA 203(h) Loan Program Work?
The FHA 203(h) mortgage insurance program for disaster victims was created to
help victims in Presidentially designated disaster areas get back on their feet.
Its purpose is to help those victims become home owners or for those who
previously owned a home in the disaster area, to rebuild or purchase a new
home.
Like all of the FHA mortgage insurance programs, the FHA 203(h) program
reduces lender risk by insuring mortgages made to disaster victims against
default by the borrower. This makes mortgages for borrowers in these disaster
struck areas more available.
The FHA 203(h)-insured loan offers many of the same benefits as the FHA’s 203(b) mortgage loan and more. Some
features of this program for disaster victims are:
All of these features help to make home ownership more obtainable for
individuals in areas struck by disasters.
Applying for an FHA 203(h)-Insured Loan
Again, if your home was severely damaged or destroyed in an area that was
subsequently declared a Federal disaster area by the President then you are
eligible to apply for assistance under this program. Application for an FHA
203(h) loan must be made within one year of the area being declared a disaster
area.
help victims in Presidentially designated disaster areas get back on their feet.
Its purpose is to help those victims become home owners or for those who
previously owned a home in the disaster area, to rebuild or purchase a new
home.
Like all of the FHA mortgage insurance programs, the FHA 203(h) program
reduces lender risk by insuring mortgages made to disaster victims against
default by the borrower. This makes mortgages for borrowers in these disaster
struck areas more available.
The FHA 203(h)-insured loan offers many of the same benefits as the FHA’s 203(b) mortgage loan and more. Some
features of this program for disaster victims are:
- No down payment: Unlike the 203(b) mortgage, borrowers with
loans insured under Section 203(h) are eligible for 100% financing. - Limited Fees: Many of the fees normally charged by lenders
for conventional mortgages are capped under the FHA program. Other fees like
property appraisal and inspection fees are actually set by the FHA. - Loan Limits: HUD sets FHA
loan limits depending on the area where the property is
located.
All of these features help to make home ownership more obtainable for
individuals in areas struck by disasters.
Applying for an FHA 203(h)-Insured Loan
Again, if your home was severely damaged or destroyed in an area that was
subsequently declared a Federal disaster area by the President then you are
eligible to apply for assistance under this program. Application for an FHA
203(h) loan must be made within one year of the area being declared a disaster
area.
Eligible States
I am able to help assist with this loan program for properties to be rebuilt, or new homes to be purchased in the following states.
- Ohio
- Florida
- Alabama
- Virginia
- California
- Illinois
-Tennessee
- Maryland
-Louisiana
-Indiana
-Tennessee
- Ohio
- Florida
- Alabama
- Virginia
- California
- Illinois
-Tennessee
- Maryland
-Louisiana
-Indiana
-Tennessee