Attention Homeowners and Renters Affected by Hurricane Helene in the Mountains of North CarolinA. Do you need a disaster loan?
If you have lost your home or rental property due to the effects of Hurricane Helene, you may be eligible for the FHA 203(h) loan program. This program is designed to assist those affected by disasters, allowing you to purchase a new home if your previous residence was destroyed.
Disaster Loans North Carolina
Key Benefits of the FHA 203(h) Loan:
No Down Payment Required: You don't need to provide a down payment to qualify for this loan, making it easier to secure your new home.
Location Flexibility: You do not have to purchase a home in the same location as your previous residence. This means you can find a new home in a more suitable area for you and your family.
Eligibility for Renters: If you were renting and your rental home was destroyed, you may still qualify for this loan. Homeownership options are available for those who have experienced rental property loss.
Exclusion of Previous Mortgage Payments: If you owned your home and it was mortgaged, the previous mortgage payment can be excluded from your qualification process for the new home, simplifying your financial assessment.
Loan Amounts Vary by County: It's important to note that the maximum loan amounts are determined by county and can vary based on local housing market conditions.
Working with Your Servicer: If you're currently addressing your mortgage obligations, you can still be eligible for the FHA 203(h) loan. Ensure you're applying any property insurance proceeds to the mortgage on your damaged house to streamline your application.
For more information and assistance with the application process, please reach out to Chris A. Heidt (828) 260-5778 who specializes in FHA loans. They can provide guidance tailored to your situation and help you navigate the available options.
If you have any questions or need further assistance, feel free to ask!
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