Zero Down Loans Available For Victims Of Hurricane Harvey
Did you know the FHA offers a type of home loan specifically for those recovering from a disaster?
This program doesn’t require a down payment. It’s one of the few home loan programs that qualify for a 100% financing with no income or location restrictions.
You don’t have to be a previous homeowner to qualify for this zero down financing program. Even previous renters qualify. As long as you can provide proof and/or verification or rent in the last 12 months. If you’re an apartment renter, all you have to do is provide a lease with the name on it, a letter from the management company stating that their specific unit was affected by the recent devastation.
Borrowers with scores as low as 580 are eligible. If a borrower has derogatory remarks on their credit report, these disparaging remarks can be overlooked!
Overview of The FHA Disaster Loan Program
If your property was damaged by Hurricane Harvey, this program could truly help. The FHA Section 203(h) home loan program provides mortgage insurance to qualified disaster victims to make a recovery from such disaster easier.
The subject property must be used as a primary residence of the borrower to be eligible for this program. The damaged property must be located in a Presidentially Declared Major Disaster Area (PDMDA) and damaged to such extent that some reconstruction is necessary. Contact us for a list of all affected cities or counties that have been declared as part of the Hurricane Harvey PDMDA.
Points To Remember
- The Section 203(h) mortgage is for the purchase of a non hurricane damaged property.
- Borrowers can purchase a property in another area and not necessarily in the same affected area.
- The property the borrower lived in during Hurricane Harvey must have been damaged and a FEMA disaster assistance application must have been made.
- Both homeowners and renters are eligible for this zero down program.
Do I Qualify For 100% Disaster Financing?
You might be surprised at what you can qualify for with this disaster assistance program! Get an eligibility check today. Even if you’ve been turned down before, the guidelines on this program could help you achieve your goal of homeownership today!