FHA 203h - Disaster Programs

By
Education & Training with Kotar Associates

In continuing our review of various FHA loan programs, we shift our focus on to the FHA 203h. The 203h provides 100% financing to individuals or families whose homes, rented or owned, were located in a presidentially declared disaster area and damaged OR damaged to such an extent that reconstruction or repair is necessary. One key point is their new home purchase does NOT have to be in same area where previous home was located.

In review of some of the guidelines of this 203h, the purchase has to be a primary residence. Single family home, condos and townhomes are the only types of properties allowed under this program. As we have discussed in previous blogs, if the buyer is looking to purchase a condo-please make sure it is a HUD approved condo. See the link below:

https://entp.hud.gov/idapp/html/condlook.cfm

The buyer has one year from the date the President declared the area a natural disaster to apply for the 203h loan.

You can go to fema.gov to find out which areas have been declared disaster areas by the President.

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disaster relief programs

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Rainmaker
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Randall Schrader
Competitive Insurance of Dundee

I did not think anyone was going to teach ME anything about FHA loans today, but I've not done one of these.  I'm not sure I had the opportunity though.  Good job Jason.

October 17, 2008 08:47 AM
Rainer
9,652
Jason Kotar
Kotar Associates

Melissa,

I'm with you, training real estate professionals is the key to getting the news out on this important loan program.

October 17, 2008 09:54 AM
Rainer
9,652
Jason Kotar
Kotar Associates

Randall,

Great program, make sure you understand them thoroughly and find a good lender to work with..not all of them finance 203h loans.

October 17, 2008 09:56 AM
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Rainer
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Jason Kotar

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