Home Loan Assistance for Disaster Victims
For people who lived in one of the counties that are declared a Presidential Designed Disaster Area. The FHA 203 h program is for victims of Harvey. If your home was destroyed or damaged to the extent they need rebuilding or redesigning. This also applies to victims that were renting in declared counties and their residence was damages to the extent they were needed to move will qualify for the FHA 203 h program
The advantage of the FHA 203 h program is that it is a no down payment required loan. Sellers, under this program, are still allowed to pay up to 6% of closing coast if included in the contract. Loan limits are the same as the standard 203 b program. this loan can be used on tradition 1-2 unit primary residence, manufactured home, and FHA approved condominiums.
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