In continuing our review of various FHA loan programs, we shift our focus on to the FHA 203h. The 203h provides 100% financing to individuals or families whose homes, rented or owned, were located in a presidentially declared disaster area and damaged OR damaged to such an extent that reconstruction or repair is necessary. One key point is their new home purchase does NOT have to be in same area where previous home was located.

In review of some of the guidelines of this 203h, the purchase has to be a primary residence. Single family home, condos and townhomes are the only types of properties allowed under this program. As we have discussed in previous blogs, if the buyer is looking to purchase a condo-please make sure it is a HUD approved condo. See the link below:

https://entp.hud.gov/idapp/html/condlook.cfm

The buyer has one year from the date the President declared the area a natural disaster to apply for the 203h loan.

You can go to fema.gov to find out which areas have been declared disaster areas by the President.

 
Posted by Jason Kotar on 10/17/2008 07:31 AM   Comments (4)   Fha 203h in the ActiveRain Channel   fha, 203h, disaster relief programs  
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4 Comments on FHA 203h - Disaster Programs

OCT
17
2008

Jason...

I had to read further to see if you were from Florida... which, yes, you are! Not many people are aware of this program... but it is definitely becoming more popular here! Especially after TS Fay this year -- there was so much damage from flooding that I am sure you are seeing an increase in people qualifying for the 203h!

Orlando Florida Title Company
M d
8:46am • #1

I did not think anyone was going to teach ME anything about FHA loans today, but I've not done one of these.  I'm not sure I had the opportunity though.  Good job Jason.
8:47am • #2

Melissa,

I'm with you, training real estate professionals is the key to getting the news out on this important loan program.
9:54am • #3

Randall,

Great program, make sure you understand them thoroughly and find a good lender to work with..not all of them finance 203h loans.
9:56am • #4


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Jason Kotar

Fort Lauderdale, FL

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Kotar Associates

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