203h Loans for Disaster Victims

The 203h FHA loan program, provides mortgages to victims of a major disaster who have had their homes substantially damaged, and would like to purchase another home (even if they were renting). The program helps victims recover by making it easier for them to purchase a new home to occupy if their existing home is affected by the recent flood. The new mortgage may be used to finance the purchase of a single family home, that will be the primary residence of the applicant. The applicant is eligible for 100% financing. Therefore, no down payment is required. Closing costs and prepaid expenses must be paid by the Applicant, the Lender, or the Seller. The Seller can contribute up to 6% towards closing cost and pre-paid items. There is also a 203k FHA loan program, this program allows homebuyers, to finance the purchase of a new home, as well as $35,000 or more for renovation into ONE loan, saving you time and money. This program also allows existing homeowners to finance improvements to their flooded homes. FHA 203k allows for improvements of roofs, upgrade or repair of plumbing, septic, well and electrical systems, replacement of flooring and more.

No Minimum Loan Amount

10, 15, 20, 25 and 30 Year Fixed Only

No Down Payment Required

These loans are for principal residences only-no time shares, vacation homes or other non-primary residences. There is an occupancy requirement for the FHA 203h.

Single Family Dwelling Only

580 Minimum Qualifying Credit Score

Fully Amortizing

Qualifying Income Ratios up to 55%. (the existing housing payment may be ignored with acceptable documentation.)

The application must be dated within one (1) year of the President’s declaration of the disaster. To find out if your property is listed in a presidentially-declared disaster area, the FEMA address search can be found here click hereIn preparation for applying for the 203h program, applicants should consider the following: Although the FHA is generally more lenient with credit history, for the 203h program, Buyers should clean up any erroneous or pre-disaster (open) collections and judgments prior to submission. If you believe that this program can benefit you, or someone you know that has been impacted by the recent flood, please give us a call at 225-627-8569. Our continued thoughts and prayers are with Louisiana. 

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