LaVoun Perdue

100% LOAN FOR DESTROYED OR DAMAGED HOMES FROM STORM (FHA 203H)

Who can qualify for FHA 203H loan?

Individuals or families (owner-occupied) whose residences were destroyed or damaged as a result of disaster in the area.  (The president of United States has declared the affected areas as "Disaster"

This applies for purchase or refinance homeowners as well as apartment dwellers

What documents need to be submitted?

Documentation to show permanent residence in affected area, such as:

• Valid Driver's License
• Voter Registration Card
• Current Utility Bill

Documentation to show evidence that property was destroyed or damaged and requires rebuilding or replacement, such as:

• Insurance report
• Inspection report from independent fee inspector 
• Inspection report from government agency
• Conclusive photographic evidence showing destruction or damage

Eligible Properties

•  One unit detached home
•  One unit in a condo approved for FHA Lending

These loans are manually underwritten. Each file will be reviewed case by case for final Credit Approval.

FHA 203H Debt to Income rations - 45%  ***could exceed based on compensating factors

Several lenders have FHA 203H loans

For a list of approved lenders, homeowners can search HUD website.

Let me Help You Find Your New Home

LaVoun Perdue - Century 21 Advantage - Associate Broker

Direct: 205-222-7420 / Email:  lavounp@bellsouth.net

Published Tuesday, May 31, 2011 1:25 PM by LaVoun Perdue