|Buy A Home After A Disaster With Government Help|
Buying a home after a disaster seems like an overwhelming task, but the government provides some help through a FHA program, 203(h). By making available
mortgage insurance to disaster victims, borrowers may finance the purchase of a home or rebuilding costs.
After an area has been declared a disaster area by the President, victims in that area are eligible for the 203(h) script, which provides mortgage insurance. Since a disaster affects jobs, finances, and property risk levels, the government offers to absorb the risk for mortgage lenders. As a result, lending companies are willing to finance a mortgage to buy a home or rebuild.
Mortgage insurance is not free though. You will positive need
to pay an upfront premium as well as monthly premiums. However, there are benefits to this code
. For example, no down payments are required for this type of loan. Closing costs are to be paid in cash or as part of the loan premium, not to exceed 5%. Fees, including origination, appraisal, and inspection fees, are also set by the FHA.
FHA loans are distinctive for low to mid income families, so mortgages are limited to $172,632 to $312,895 for a single family home. The loan amount depends on the cost of living in the area. For multi-family homes, the loan amount may be higher.
FHA mortgage lenders are private financing companies, including banks and mortgage businesses
, that have been approved by HUD to administer FHA programs. Just like with any type of mortgage, you should compare interest rates before committing to a lender. Online mortgage brokers allow you to quickly compare quoted interest rates.
You have one year to document
an application for the 203(h) script with your mortgage lender after the disaster.
By using the FHA 203(h) code
, you only add a little more
paperwork to ease your mortgage application toward acceptance. When you are applying for a loan, you will want to ask for the application for the mortgage insurance program. HUD approved lenders will submit the application through the proper channels. At this point the mortgage company will handle the rest of the process, you will just positive need
to complete the final loan paperwork.
To view our list of recommended lenders online for government backed mortgage
financing, visit this page: http://www.abcloanguide.com/govloans.shtml
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