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FHA 203h– Disaster Victims
Program
This program offers 100% financing (purchase
only) to individuals or families whose residences,
whether owned or rented, were located in a Presidential-declared
disaster area and is destroyed or damaged to
such an extent that reconstruction or repair
is necessary. The new home does not have to
be located in the area where the previous home
was located.
FHA 203(h) Eligible and Ineligible
Properties
Eligible Properties:
1-unit detached primary residences, detached
PUD, and FHA approved condos.
Ineligible Properties:
1-unit attached primary residence, attached
PUD, 2-4 unit primary residence, second homes,
investment properties, co-ops, and manufactured
homes.
Credit History
If the credit report indicates satisfactory
credit prior to a disaster and any derogatory
credit subsequent to that date can be related
to the effects of the disaster, FHA will consider,
for its underwriting standards, that the borrower
is a satisfactory credit risk.
Disaster victims with Secretary-held mortgages
are eligible for new FHA-insured mortgages provided
the borrower is current with the forbearance
agreement at the time of the disaster and all
payment for the preceding twelve months were
made within the month due.
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