by Janet Owens
on Wednesday, September 6th, 2017 at 7:48am.
In the aftermath of the devastating natural disaster that hit the greater Houston area, I'm certain that most of us just want to get back to normal. Over 80% of Houston area homes affected by Hurricane Harvey did not have flood insurance. So, where and how do we begin to rebuild? There is a program to help you either move on or rebuild.
FHA 203(h) Disaster Relief Program can help you do just that. This program provides mortgages for victims of major disasters who find themselves faced with either buying a replacement home or restoring what nature has destroyed. If your home was destroyed by a flood, fire, storm, hurricane, earthquake or any other federally declared natural disaster, you may qualify.
The property must be located in a Presidentially Declared Major Disaster Area
No downpayment is required
Must be a primary residence
Documentation verifying the damage to the home is required
Flexible credit considerations
You must apply for the FHA 203(h) loan within one year of the disaster area declaration