Was your home completely destroyed or severely damaged by Hurricane Harvey? If so, the feeling of helplessness may be overwhelming, but the good news is, there is help you may not be aware of. If your home is non-salvageable, you may be eligible for a mortgage loan to buy a new home or to rebuild a home, through a Federal Housing Association (FHA) 203(h) program. This means you can buy in a new area if you desire to do so.
This program allows approved mortgage lenders, listed on HUD.gov to provide new mortgage loans for people who had homes in a federally declared disaster area. The loans are available with 100 percent financing and zero downpayment. Closing costs must still be paid, though. According to HUD.gov “closing costs and prepaid expenses must be paid by the borrower, or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.” Additionally, since the program is insured by FHA, borrowers will also be responsible for paying insurance premiums as part of their monthly mortgage payments. The limits to the borrowable amounts can be found on HUD.gov. As with many loans, there may be government and lender imposed credit score requirements. If you think you may qualify, just keep in mind that the option to participate in this program expires within one year of the President’s declaration of the disaster.
You can apply for the program through approved mortgage lenders. These lenders should be able to explain all of the requirements and processes of the program, as well as what will happen to your existing home loan. If you are moving to Central Texas and aren’t sure which lender to start with, or where to move within your budget, please let me know. I will be happy to introduce you to approved lenders and beautiful homes in your area of interest. Please trust that you needn’t navigate this new beginning alone.
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