Friday, November 9, 2018

FHA Mortgage for Disaster Victims

Do you know FHA has a mortgage for Disaster Victims?

In light of the many disasters we have had in our country in recent months, I thought it would be good to share this information in case you know anyone in need of help recovering from a disaster. Rebuilding can be very difficult and is a financial burden many cannot see their
way through. 
Help is available....

Section 203 (h) of the FHA mortgage program offers features that make recovery from a disaster a bit easier for home owners and renters. Homeowner/renters are eligible if their homes were destroyed or damaged to the point they need to rebuild. The FHA mortgage can be used to purchase one home that will be their primary residence. The program assists in re-establishing your life after a difficult event. 

Through section 203(h) the federal government helps victims in Presidentially designated disaster areas by making it easier to get funding to rebuild and purchase a new home. A case number must be assigned within one year of the Presidentially-Declared disaster area.

  • No down payment is required. Borrower are eligible for 100% financing.

  • Less then perfect credit is ok, special guidelines are in place and exceptions can be made.

  • Mortgage terms of 15, 20, 25 and 30 years are available with a fixed rate or a 5/1 ARM.

Hope you won’t need this but it’s nice to know it’s available to those that need it.

For more information please contact me at 808-457-2455.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.

Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926

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