I just wanted to pass this along to everyone so it can get to those who need help... We attend CRBC and this is where I got the info from so it is NOT a scam it is the real thing. I hope this helps the ones who need it...
All you need to do is contact a local realator (Jessica Bonds Letson - Re/Max Advantage McCalla 205-999-8882) to find out more info..
Below is information on the new 203h loan for tornado diaster victims.
FHA 203h - Disaster Victims Program
NO DOWNPAYMENT MORTGAGES FOR Tornado DISASTER VICTIMS
HUD has a mortgage financing program that requires no down payment for people whose homes have been destroyed or damaged due to the tornadoes. In addition to requiring no down payment, potential homeowners can live anywhere they choose in the United States.
"HUD is committed to helping people affected by these terrible disasters to re-establish their lives," HUD spokesperson Jackson said. "We want to give these families and individuals an opportunity to start over - as homeowners - whether they owned or rented their previous residences."
Under the special mortgage program, called Section 203(h), HUD, through the Federal Housing Administration (FHA), will insure mortgages for individuals or families in a Presidentially-declared disaster area whose residences were destroyed or damaged to such an extent that replacement is necessary. Borrowers must be able to qualify for FHA mortgages, which are generally easier to qualify for than those on the private market, but they will not have to put any cash down to purchase the property.
What is 203(h)?
Under the 203(h) program, FHA insures mortgages for victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
Who is eligible for a Section 203(h) insured mortgage?
Individuals are eligible for this program if their home -- whether they owned their home or rented-- is located in an area designated by the President as a disaster area, and their home was damaged to such an extent that reconstruction or replacement is necessary. These individuals must be able to qualify for a mortgage through FHA's underwriting guidelines, which are generally more lenient than in the private sector.
How much down payment is required?
No down payment is required under the Section 203(h) program. Potential homeowners are eligible for 100% financing of the mortgage. The seller can pay up to 6% of purchaser’s closing costs.
What is the maximum mortgage amount that FHA will insure?
The amount of the mortgage that HUD will insure depends on the location of the property. FHA Mortgage limits in our area is $271,050.
How can I apply for a FHA insured 203(h) mortgage?
The borrower must apply for an FHA insured mortgage within one year of the President's declaration of the disaster.
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