Mortgage Insurance Homes for Disaster Victims

 

To help victims of a Presidentially-declared disaster whose home was destroyed undertake homeownership on a sound basis.

Active 14.119 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans; H - Sale, Exchange, or Donation of Property and Goods Not applicable. National Housing Act, Title National Housing, Part II, Section 203(h) Anyone whose home was destroyed or damaged to the extent that it needs to be rebuilt as a result of a Presidentially Decalared Major Disaster is eligible to apply. Families or individuals that are victims of a major disaster as designated by the President. Documentation regarding the characteristics of the property to be financed and the qualifications of the borrower are assembled by the HUD-approved lending institution and submitted with the application. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. An FHA-approved lender submits the application for review and approval or disapproval through a HUD-Approved lending institution. Applications are submitted for review through a HUD approved lending institution. Applications must be made within one year of the Major Disaster Declaration. Not applicable. Not applicable. Not applicable. Not applicable. HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of a borrower that is a victim of a Presidentially-declared disaster. The maximum insurable loan for such an occupant mortgagor is the same as prescribed for Section 203(b) (14.117). Disaster victims are not required to meet the 3.5 percent minimum investment requirements. In order to qualify for assistance, the formerly occupied home must have been in an area designated by the President as a disaster area, and it must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary. Not applicable. Not applicable. Lenders are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. This program goes in to effect when the President declares the disaster and remains in effect for one-year from the date of declaration. Method of awarding/releasing assistance: Lump. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at https://www.hud.gov/program_offices/housing/sfh/fharesourcectr Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: (800) 225-5342 https://www.hud.gov/program_offices/housing/sfh/ins/203h-dft 86-4587-0-3-371 (Sale, Exchange, or Donation of Property and Goods) FY 22 FY 23 FY 24 FY 21 FY 20 FY 19 FY 18 FY 17 FY 15 FY 16 - Reported Under 14.117 for all fiscal years. Average mortgage amount is approximately $200,000. There is no minmum mortgage amount. The maximum mortgage amount varies by location is the same as the standard FHA (203(b)) mortgage amount. See 14.117 Not applicable. Not applicable.