Hurricane Ian caused significant destruction across Florida and its gulf coast. As a result, many homeowners and renters are counting losses and looking for places to stay after the storm ravaged their homes. If you were a hurricane Ian victim, there are several resources to help you get back on your feet. Here are some options that Carol vonRabenstein, your Saint Augustine realtor, recommends.
FHA/203H Loan Program
The FHA 203H program offers up to 100% financing to victims of disasters like Hurricane Ian. Your property must have substantial damage that requires replacement or reconstruction to qualify for this loan. Likewise, the affected primary residence should be within the presidentially declared major disaster area.
Lenders offering the FHA 203H loan will not require you to provide a down payment. They will also allow you to repay the amount in 15 or 30 years.
National Flood Insurance Program
NFIP is a plan available under the Federal Emergency Management Agency (FEMA). It provides insurance policyholders additional assistance on top of their flood insurance claims. If you carry an NFIP policy and are a victim of Hurricane Ian, you should contact your insurance agent. These will guide you in filing a compensation claim and answer your inquiries.
US Housing and Urban Development (HUD)
Another resource Hurricane Ian victims can leverage is the HUD. This body provides disaster recovery assistance for all residents of presidentially declared disasters.
Some ways HUD can help Hurricane Ian victims are:
- Offering a 90-day moratorium on the foreclosing of FHA mortgages
- Availing mortgage insurance
- Providing insurance for home rehabilitation
Department of Agriculture Waivers
Food stamps recipients in Florida counties affected by Hurricane Ian will enjoy waivers offered by the Department of Agriculture. These allow the victims to buy hot food using their benefits in October.
Get the Help You Need Now
Reestablishing yourself after Hurricane Ian might be frustrating and disheartening. Luckily, you can rebuild your home or purchase a new one with programs like FHA 203H. It's also possible to recover damages, reduce your food budget and qualify for mortgage extensions.