In my previous blog, I talked about some ways all of us could help those severely impacted by Hurricane Ian, especially those of us who were blessed to fare the storm safely and emerge from it relatively unscathed. There are many Floridians who, unfortunately, did not make it out okay after the storm. Lives were lost. Homes were destroyed. Many families are displaced. Fortunately, I have access to a Florida mortgage loan program that can help.
For those families (renters or homeowners), whose homes were destroyed or severely damaged from the hurricane and are now in need of a new home, there is a Florida home loan solution for individuals who qualify.
A Disaster Relief Home Loan Solution with 100% Financing
For this disaster relief home loan solution to be available to you, you must first be located in a major disaster area. On September 29, President Biden approved the Florida disaster declaration. Additionally, this program remains available for one year from the date of the disaster declaration, so this program will be within reach for those who qualify until September of 2023. The most notable benefit of this home loan solution is that it allows those affected most by this major disaster to purchase a new home with zero down payment (or 100% financing).
Other Factors for Those Who Qualify
There are other factors for those who qualify to obtain this Mortgage Insurance for Disaster Victims home loan program. These factors include:
The home you lived in previously (whether owned or rented) must have been destroyed or damaged to the extent that purchasing a new home is necessary.
The new home you purchase must be your primary residence.
Eligible property types for your new primary residence would include: A single family home (detached or attached); a Planned Unit Development (PUDs); a Manufactured Home; an FHA-approved Condominium project.
The loan program offers a fully ammortizing fixed rate (the interest rate never changes), and the borrower can select the length of the loan: 10-,15-, 20-, 25-, or 30-year term.
In the next few weeks immediately following the storm, it might not be feasible for those most impacted by the storm to focus on long-term housing, but fortunately, this program is available from now until September of next year. If you have questions about this program and whether you or your loved one might qualify, please don't hesitate to reach out.
If you are a realtor in a highly impacted area where this program could benefit members of your community, then let's connect and chat about the possibility of scheduling a Lunch & Learn on this topic that would be free to the public.
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