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Disaster Assistance Loans with Zero Down

Posted in: Disaster Relief Programs
By Taylor Mortgage Group

Renters can become homeowners and previous owners can get re-established as homeowners. Property owners and Renters are eligible for Disaster Assistance Loans.  

Section 203 (H) applies to areas that have been formally declared disasters by the President of the United States.  Applicants only have one year from the date of declaration to procure these Disaster Assistance Loans.  To check the status of your area, see the website for the Federal Emergency Management Agency or FEMA.  They list the dates the specific counties and cities included in the Presidential-declared disaster areas.

Single-family homes and FHA-approved establish condominium projects are the only properties eligible for this program. Disaster Assistance Loans may only be used to finance principal residences.  People who own or rented homes in Presidential designated disaster areas may be eligible for Disaster Assistance Loans with zero down payments.  The Section 203 (H) program makes it easier for victims to get mortgages.

Qualified applicants are eligible for 100-percent financing with little or no cash on hand; some restrictions apply.    Qualifying credit scores must be at least 620.  Only traditional credit is permitted and the program will accept the middle score of three credit scores or the lower of two.   Maximum debt-to-income ratio or DTI allowed is 31/43 percent. Applicants must provide conclusive evidence that they have been permanent residents in the affected areas and that their residents has been destroyed. Applicant, with acceptable documentation, may have any existing house payments ignored. (Alternative loan programs in Section 203(k) address the rehabilitation of severely damaged properties.)  Disaster Assistance Loans provide highly beneficial programs that expedite home-purchasing transactions for victims whose homes have been substantially damaged.

Applicant's only financial responsibilities are the costs of closing and prepaid expenses.  Applicant's may pay these expenses by arranging for premium pricing to cover them or the Seller may also contribute or make concessions.  Seller contributions/concessions are limited to here is a six percent.    Gift funds are not permitted.

The program stipulates Eligible Terms for Disaster Assistance Loans.  All loan products must be either 10-year-fixed, 15-year-fixed, 20-year-fixed, 25-year-fixed, or 30-year-fixed loans.  Mortgage insurance premiums are paid upfront and monthly.  Fully amortizing programs are the only ones that qualify. 

Find out more by contacting Taylor Mortgage Group

For information about creative solutions for Disaster Assistance Loans, other home loans, reverse mortgages,  mortgage products used to develop housing, businesses, industries, and cooperatives, call Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor 303-884-9393


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