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FHA 203(h) HomeBuyer disaster relief
Areas Affected: Florida, Georgia, North Carolina, South Carolina, Tennessee & Virginia:
The previous residence (owned or rented) must have been located in a Presidentially Declared Major Disaster Area (PDMDA) and destroyed or damaged to such an extent that reconstruction or replacement is necessary. A list of the specific affected counties and cities correspondent
disaster declarations is provided by the Federal Emergency Management Agency. Click here.
What is FHA 203(h) Loan?
The Section 203(h) program allows FHA to insure mortgages made to victims of a major disaster who have lost their homes and are in the process of buying another home. The program assists victims in Presidentially Declared Major Disaster Areas recovery by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.
Highlights
- No down payment: Borrowers can finance 100% of the purchase price13.
- Closing costs: These can be paid by the borrower, through premium pricing, or by the seller (up to 6% of the sales price)
- Minimum credit score is 580
- The home or your rental must have been destroyed or severely damaged
- The home must be located in a Presidentially-Declared Major Disaster Area (PDMDA).
- A Manufactured Home with land is ok
Do you have more questions? Contact Peter Knap @ 404-276-4268 or pknap@guildmortgage.net
