May 2011 : FHA 203h Disaster Recovery Loan

By
Real Estate Agent with RE/MAX Realty Brokers, Inc.

Our hearts and thoughts continue to go out to our fellow Alabamians during this difficult and trying time following the incredible wave of storms witnessed on April 27, 2011. We have seen an amazing outpouring of kindness and generosity during this time to assist with the cleanup and recovery. I had the opportunity to spend the day in Tuscaloosa and Fultondale two days after the storm with my wife and her company as part of a relief effort she had organized with Royal Cup Coffee and Krispy Kreme. The devastation was unbelievable and words truly fail to describe the scene as witnessed firsthand.

As far as real estate relates to this matter, the federal government has unveiled a disaster relief loan, much like the ones we saw available to victims of Hurricane Katrina years ago, called the 203h loan. This program offers 100% financing on a purchase loan to individuals or families whose residences, whether they were owned or rented. The residence must have been located in a Presidential - declared disaster area and was destroyed or damaged to such an extent that reconstruction or repair is needed. Also, the new home does not have to be located in the same area as the previous home was located. Standard FHA underwriting guidelines apply for qualification for this or any other FHA loan. With this loan, however, you may be able to walk into your new home with little to no money down since the seller can still assist with closing costs.

If you know anyone who may need assistance regarding this or any other loan program, please feel free to give them my name and number or email address. Your referrals are, as always, greatly appreciated.

Comments (1)

Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

very good to get this info out there, Jonathan, good job They can use it in CO right now for the fires.

Jul 17, 2012 01:37 PM