You Can Help Hurricane Survivors with 203(h) Loans
Over the last few weeks, we’ve watched countless news stories outlining the devastation in Texas, Florida, Puerto Rico, and many other states impacted by Hurricanes Harvey and Irma. Requests for aid continue to come in as these communities try to rebuild.
Money can certainly help the affected areas in many ways, but this week’s challenge focuses on a different idea. It’s a way that’s unique to mortgage professionals.
FHA Loans for Rebuilding in Disaster Zones
FHA loans will play a tremendous role in helping many of the survivors get back on their feet. Many consumers in the impacted areas are unaware of the special funding available to them, nor are they aware of the more lenient conditions for securing these loans.
Your challenge for the week is to get the word out about the FHA Loans to the people impacted by these natural disasters. By sharing your knowledge, you’re providing options to people who desperately need it. You can help rebuild communities by helping navigate the road to recovery.
Things to Know About FHA 203(h) Loans
- FHA 203(h) loans can be used to purchase a replacement home, rehab an existing home or refinance an existing home.
- To qualify the borrower must show that their previous residence was in one of the areas declared as a disaster zone.
- Borrowers only have one year to apply for these loans from the date the area was declared a disaster.
- The minimum credit score needed to qualify for the loan program is 500.
- Some borrowers could qualify with no down payment.