The devastation from Harvey has left many looking for a solution for their housing needs. In these times, we need to leverage our expertise and know what we can do to help the community as a real estate pro.
Check out these two FHA programs that may be exactly what a Harvey victim needs. Obviously you’ll want to talk to your lender for more details but this will give you an overview of what is required.
Mortgage for Disaster Victims
- FHA (disaster loan)
- To help anyone located in a president/FEMA designated disaster area
- Must have been directly displaced or impacted
- Must have a letter from FEMA or proof of insurance claim
- Photos always help
- 100% financing, 0 down payment
- Buyers, home owners, or renters
- Must apply within one year of area being declared a disaster area
Renovation / Improvement Mortgage
- Buyers and owners to finance both the purchase of the house and the cost of repairs
- Buyers (not only first time) and owners looking to refinance
- Owner occupants only
- Home must be at least one year old
- Cost of improvements/repairs – at least $5,000 and up to full reconstruction (if there’s foundation)
- Improvements include: Structural, modernization, eliminating health/safety hazards, going green, plumbing, floors, roofs, gutters, etc.
- Down payment is 3.5% of purchase price + repairs