Disaster Loans

Learn about our disaster loan options

All about our Disaster Recovery Program

Disaster Recovery loans help victims in Presidentially Designated Major Disaster Areas (PDMDA) recover by making it easier for them to purchase a new home to occupy if their existing home is affected by the disaster. The new mortgage may be used to finance the purchase of a one-family home that will be the principal residence of the applicant. The qualified applicants are eligible for 100% financing; therefore, no down payment is required. Closing costs and prepaid expenses must be paid by the applicant through premium pricing, or by the seller.

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Benefits of Disaster Loans

  • Up to 100 percent financing available
  • In the days and weeks immediately following a disaster, it may not be possible or prudent to focus on the next steps towards establishing long term housing or homeownership. Thankfully, eligibility for this program begins as soon as the U.S. President declares the disaster, and remains in effect for one year from that date of declaration
  • Renters who are displaced by a disaster may be eligible to purchase a new home with 100% financing through this program, and are exempt from the 3.5% down payment requirement that comes with the standard FHA loan
  • Financing can be used to either rebuild a home that was destroyed, or to buy a new property

Available Loan Programs

  • FHA 203(h) Mortgage Insurance for Disaster Victims – An FHA disaster victim mortgage can be an excellent option when a home located in a disaster area has been destroyed
Other Renovation Loan Programs:
  • FHA Standard 203(k) Rehabilitation Loan – For homes in need of extensive repair or renovation totaling more than $35,000, possibly including structural repairs
  • FHA Limited 203(k) Rehabilitation Loan – For homes in need of minor repairs at an expense of up to $35,000
  • FHA Repair Escrow 203(b) – For purchasing a home directly from HUD that needs cosmetic repairs not to exceed $35,000
  • FHA One-Time Close (OTC) – A one-time close solution financing the construction, lot purchase, and permanent loan for new manufactured, stick-built properties, and modular homes
  • Fannie Mae HomeStyle® Renovation Loan – For those looking for a conventional renovation mortgage loan option with competitive rates

Do I Qualify for a Disaster Recovery Loan?

  • No minimum loan amount
  • 10, 15, 20, 25, 30 Year fixed terms and 5/1 Hybrid ARM
  • No down payment is required
  • Max LTV 100% of the adjusted value