Hurricane Ian recently devastated the coastline of Southwest Florida. The Category 4 storm left many with major damage to their homes and left others with no home at all. Though nothing can replace the memories and personal items lost, there is a loan that can help you rebuild your home or purchase a new one.
The FHA 203(H) loan provides up to 100% financing for victims of disasters like the one we all just experienced. This loan is specifically designed to help victims rebuild or relocate after experiencing significant damage to their homes. The best part about this loan is that it is available to owners and renters!
Who is Eligible For The FHA 203(H) Loan?
To qualify for this specific loan, victims must have experienced damage significant enough that it can not be simply repaired. Much like the standard FHA loan, applicants’ eligibility will also be determined based on income, assets, liabilities, and credit history and score.
The minimum required FICO score for FHA is 580 and the maximum loan amount differs based on the county you plan to purchase in. The maximum FHA loan amount in Charlotte, Hendry, and Lee counties is $420,680 while the maximum in Collier is $522,000. When rebuilding, the value taken into consideration is the amount that the home will be worth once it is complete. The final qualifying factor for this loan is that the borrower must plan to use the new or rebuilt home as their primary residence.
What are the Benefits Of The FHA 203(H) Loan?
The main benefit of this loan is that victims of this hurricane can keep some much-needed cash in their pockets by foregoing the standard 3.5% downpayment that other FHA loans require. Another benefit of this loan is the time allotted to use it. The eligibility window begins the day the president declares a disaster and ends exactly one year later.
How do I Get Started?
First, if possible, take photos of your home’s damage. Then reach out to us and we’ll put you in touch with our rockstar lender that knows these loans inside and out!
Don’t forget to apply for FEMA assistance as well! You can apply online at FEMA.gov.
