Arab TornadoThe FHA 203(h) Disaster Relief Loan is available for residents affected by the recent tornadoes that swept through Alabama on April 27, 2011. This special FHA loan is specifically designed to help victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.

For a limited time HUD is waiving the 3.5% down payment requirement on any home buyer whose previous residence or apartment was destroyed or substantially damaged by the recent storms. This means you can get 100% Financing on your new home.  Both the upfront mortgage insurance and monthly mortgage insurance premiums still apply.

Here are the general program parameters for the FHA 203(h) Loan: FHA 203h Loan

1) The borrowers previous residence, either a home or an apartment, must have been in the disaster area and must have either been destroyed or damaged to such an extint that reconstruction or replacement is necessary. Conclusive evidence of eligibility for the this program is required.

2) Borrower must be purchasing a primary residence.

3) Borrower must have been either the owner or a renter of the property affected by the disaster.

4) No gift funds are allowed, but seller may pay up to 6% towards closing costs and pre-paids.

5) Borrower’s application must be submitted within one year of the President’s declaration of disaster.

If you would like more information on this loan program, I’ll be happy to assist you with your pre-approval. Call me at (256) 694-7514, send me an email at bsnider@cfmhomes.com or visit me online at www.MortgagesCanBeSimple.com

Here is a link to the FHA's website on the program as well:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/ins/203h-dft

FHA 203(H) - Arab, Alabama

Brandon Snider

District Lending Manager

CFM

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Visit my website at www.MortgagesCanBeSimple.com

 

 
Posted by Brandon Snider on 05/17/2011 02:12 PM   Comments (0)   Mortgages in the ActiveRain Channel   fha, 203h, 100 financing, down payment assistance  
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Brandon Snider

Cullman, AL

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Consumer First Mortgage

Address: 1510 2nd Ave NW, Cullman, AL, 35055

Office Phone: (256) 586-5626

Cell Phone: (256) 694-7514

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Brandon Snider - The Mortgage Expert - Consumer First Mortgage

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