How the FHA 203H Mortgage Loan for Disaster Victims Work?
The FHA 203H Mortgage Loan for Disaster Victims is an FHA program designed to help victims in a designated disaster area that was declared by the President to help them get back on their feet. This program is designed to help them rebuild their home or make a decision to buy a new home with no money down. This program does have a Loan Limit in Louisiana which is capped at around $271,000.
The documents needed to be eligible for the FHA 203H Mortgage Loan for Disaster Victims are a Drivers License, an insurance report, an inspection report by an independent fee inspector or government agency, or Conclusive photographic evidence showing the destruction or damage. The property can be for a one unit home or a FHA approved condominium.
FHA usually requires a 3.5% down for the loan and with the Disaster program, it allows 100% financing with 0 down. You also may exclude the prior mortgage payment from your ratios if you can show that you are working with the lender to address your prior mortgage obligation and any property insurance proceeds will be applied to the mortgage on the damaged home. Documentations from the insurance company will be required to show the property has been inspected and assessed.
Reliant Mortgage requires a minimum credit of 620. This program is also available for renters who may have been affected by the disaster and allow them to buy a home with no money down as well. This program is only available for one year so if you are considering using this program because the damages of your home just doesn’t seem to make sense to get a large loan to fix up due to the lack of equity than feel free to reach out to us to see we can help
A phone number to call is 225-412-7773 to speak to a loan officer today.