September 27, 2017
REMN Wholesale is pleased to offer FHA 203(h) Mortgage Insurance for Disaster Victims.
The 203(h) loan is a specialty mortgage designed for people replacing homes that were destroyed in presidentially designated disaster areas. Disaster victims can secure FHA financing to purchase a rebuild or purchase a new home elsewhere. FHA makes the process easier by relaxing some of their standard requirements.
203(h) Highlights:
- Up to 100% LTV for purchases
- Up to 6% seller concession allowed
- Delinquencies as a result of the disaster may be ignored from the credit analysis if they are documented to have been caused by the disaster
- Single Family Residence, PUDs and FHA approved condos (HRAP)
- Primary Residence only
- 30 year fixed rate
- Case number must be assigned within one (1) year from the declaration date of the disaster approved for Individual Assistance
- Seasoning requirements for a 203(k) refinance do not apply
- FHA loan amount limits apply
- No additional pricing adjustments for 203(h)
To qualify for this program the borrower’s existing home must have been severely damaged or destroyed to such an extent that reconstruction or replacement is necessary. The subject property being purchased does not need to be located within an affected county.
Visit www.FEMA.gov for affected counties.
If you have any questions, please contact your Account Executive.
