Skip to main content
Home > Resource Information

WHO ARE YOU SEEKING ASSISTANCE FOR?





WHAT PHASE AND/OR ASSISTANCE TYPE APPLIES?

Select Phase(s)



Select Assistance Type(s)


 

Resource Information

Agency:

U.S. Department of Housing and Urban Development

Resource:

(HUD) Mortgage Insurance for Disaster Victims

Overview:

Individuals whose home has been damaged or destroyed in an area with a Presidential declaration of disaster may apply. Makes it easier for survivors to obtain mortgage loans and become homeowners or reestablish themselves as homeowners. Section 203(h) program provides mortgage insurance for loans to qualified disaster victims. Individuals are eligible for this program if previous residences (owned or rented) were located in a declared area and were destroyed or damaged to such an extent that reconstruction or replacement is necessary.

Funding Information:

  • No down payment required. Borrower eligible for 100 percent financing. Closing costs and prepaid expenses must be paid by borrower in cash or paid through premium pricing or by seller, subject to 6 percent limitation on seller concessions.
  • FHA mortgage insurance is not free. Mortgagees collect from borrowers an up-front insurance premium (may be financed) at time of purchase, as well as monthly premiums that are not financed, but instead are added to regular mortgage payment.
  • HUD sets limits on amount that maybe insured. To make sure that its program serve low and moderate income people, FHA sets limits on dollar value of mortgage. Figures may vary over time and place

Resource Website(s):

Mortgage Insurance for Disaster Victims
Mortgage Insurance for Disaster Victims - Single Family Homes

Keywords:

Individual/Household, Recovering from a Flood, Financial Assistance

Print to PDF