Great Loan Product For Flood Damaged Homes! Read On...
It's called FHA 203H and it's going to assist thousands of families affected by the recent floods in Iowa and abroad. Here's how it works:
This loan is for victims of Presidentially declared disasters
Under this program, families whose residences were destroyed or damaged to such an extent that reconstruction or repair is necessary are eligible for 100% financing for the purchase of a home.
The borrower's previous residence must have been in the disaster area and must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary. The borrower must provide conclusive evidence of this fact.
The borrower is eligible for 100% financing of the sales price and NO DOWN PAYMENT. However, closing costs and prepaid expenses not paid by the seller must be paid by the borrower. (9 times out of 10, the Seller will incur the closing costs of the buyer).
The program is limited to one unit detached home or units in an approved condominium.
When the borrower is purchasing a new home, yet still has an outstanding mortgage on a property located in a FEMA disaster area, the lender may exclude the mortgage payment on the previous residence from the qualifying ratio.
For more information on this wonderful loan project, contact Tami Zumbach, one of my preferred lenders at United Security Savings Bank. Her phone number is 363-0261 and emai is tzumbach@ussbia.com
Christopher Smith
Traditions Real Estate
www.christophersmithrealtor.com
christopher.smith.realtor@gmail.com
319-329-5988
Licensed Realtor in the state of Iowa
"Success in real estate at the service of others."