Relief for Hurricane Ian Victims - The FHA 203(H) loan
In the harrowing echo of Hurricane Ian, many residents and homeowners are still feeling its damaging and devastating effects. Particularly, in the area of housing needs.
Immediately after it hit, hurricane relief came pouring in from within Florida, and from out of state, to address the most immediate needs of those effected. In most cases, this was in the form of food, gas, water, and clothing.
Now, weeks after the hurricane, many residents are facing a different type of need: housing. Damage from the storm ranged from knocking down a few trees, to complete destruction of a property. Victims of this destruction includes homeowners and renters alike. Homeowners, as they saw their own property damaged. Renters, as the property they lived in was destroyed, and they have been unable to find new housing.
In this vulnerable time, Novus Home Mortgage, in conjunction with the Federal Housing Authority, has released a program specifically for those effected by natural disaster.
What is the Program?
Novus now offers a FHA 203(H) loan program for those in a Presidentially Declared Major Disaster Area.
Though this program is timely for victims of Hurricane Ian, this type of loan also applies to any area declared a major disaster area. This could include a flooded area, an area effected by a snow storm, or a major fire.
What areas are qualified
Regarding Hurricane Ian, see the image below to see what areas qualify.
Specific details about the program
This loan allows for 100 percent financing of a primary residence, meaning no down payment is required. Additionally, this program allows for seller to pay up to 6 percent in concessions.
One of the best features of this loan is the options homebuyers are given. Homebuyers have the ability to choose a 10-year, 15-year, 20-year, 25-year, or 30-year financing term with a fully amortizing fixed rate.
Current homeowners AND renters may qualify!
Bottom Line
If you are someone who may qualify for this program, or you know someone who may qualify, let’s chat today to get you on a clear mortgage path.
