We understand that everyone has a unique need and could use personalized information regarding your specific home mortgage circumstances.
Please call 305-735-2524, or email Carolyn at email@example.com
DISASTER Purchase and REHAB Mortgage Loans post Irma- (Purchase AND Refinance Options)
We want to share some product info that we hope is helpful to our friends and neighbors in Florida. We do have some solutions that can help with damaged homes, to hopefully help the real estate world heal faster:
PURCHASE OF HOMES THAT ARE SLIGHTLY IN DISARRAY, BUT NOT YET REPAIRED
The seller CAN put up to $15,000 in “repair escrow” reserves at closing for the repair items that the house needs. Buyers can follow through on buying and not be held up on closing until things are completed this way. It is a bit of extra paperwork of course, but it’s nice because with contractors backed up on roof work, etc. this can help closings to keep moving. Buyer can buy and seller can move forward. (This is for conventional, VA or FHA loans).
REHAB LOANS AVAILABLE
This can be used for a buyer that wants to buy a home with more significant damage (more than $15,000) and can help current homeowners to refi that need help financing repairs. These loans are much more paper intensive and require contractor quotes, references, license and insurance info, etc. but they are wonderful tools for properties that need a lot of love right now.
$0 down FHA DISASTER PURCHASE LOANS
For those that lost their home or space they rented. Literally, we must prove that the buyer’s prior living area is non-livable, but they CAN purchase a home with 0% down. The seller can pay their closing costs (if written in the contract that way), or they can pay those on their own. Here’s a snapshot of that below:
FHA Mortgage Loans for Disaster Victims (Section 203(h)Summary:The program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
Purpose:Through Section 203(h), the Federal Government helps victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.
Type of Assistance:Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary. Insured mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner. One to Four Family Homes.
This makes recovery from a disaster easier for homeowners:
No down payment is required. The borrower is eligible for 100 percent financing. Closing costs and prepaid expenses must be paid by the borrower in cash or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.
Please feel free to call, email or text us if we can help answer any questions at all! Hoping to help make recovery easier in any way we can. PLEASE share this information, and as always, THANK YOU for your trust in us as your partner in this business!
Together we can help rebuild and strengthen the real estate business in our beautiful Florida Keys!