If your home was flooded during Hurricane Harvey, and you are in the market to buy a new home quickly, you may be eligible for an assistance loan. This Disaster Relief loan is called an FHA 203(H) loan and it is a available to those who qualify. Interested? Just keep reading! The information below is provided by AMCAP Mortgage.
Who is this program for?
For those affected by the disaster whose primary residence within a Presidentially-Declared Major Disaster Area (PDMDA) was destroyed or damaged to such an extent that reconstruction or replacement is necessary. The FHA 203(h) Disaster Loan allows those displaced and/or affected by the disaster to more easily purchase a Single Family Property as their new principal residence.
What are the benefits of this program?
• Purchase a primary home to replace your flood-damaged home
• No down Payment required
• Options available for little to no out-of-pocket expense
• Current mortgage omitted from debt ratios with proper proof
How do I know if I am eligible for this program?
• Available for homeowners and renters located in a PDMDA whose home was damaged to such an extent that reconstruction or replacement is necessary
• The purchased property must be a single family property or a unit in an FHA-approved condominium project
• These loans are for principal residences only
• Program may be used up to one year after disaster area was declared
For those who do not qualify for this loan, there is also a FEMA loan available to homeowners that did not have flood insurance and need funds to repair their homes. It offers up to $200,000 for repairs and up to $40,000 for personal property with an interest rate as low as 1.75%.
Have questions? Give us a call at 832-289-1531 and we can help! You can also visit our facebook page to watch the Facebook live our team recorded about the 203(H) loan at facebook.com/kevinallenjoneshometeam.