FHA 203(H) 100% FINANCING FOR PURCHASES & REFINANCES to borrowers in Presidentially-designated major disaster areas.

Carrington may assist borrowers in Presidentially-designated disaster areas through the government’s FHA 203h loan program.

HIGHLIGHTS OF THE PROGRAM

• Minimum 500 FICO
• 100% financing on purchases for homeowners or renters whose homes were destroyed
• Refinance available for those whose homes are not destroyed but would like to refurbish (Restrictions apply)
• Previous residence must be documented and verified to be in a Presidentially-designated disaster area (PDMDA) and destroyed or damaged to extend that reconstruction or replacement is necessary
• Borrower may be a prior homeowner or renter
• Property may be rebuilt or purchased (For purchases, the property isn’t required to be located in the same area as the previous residence.)
• Mortgage rating required for current 12-month history prior to the declared disaster
• Refinances for borrowers using the 203h with the 203k rehabilitation require the residence to have been completed and ready for occupancy

ELIGIBILITY REQUIREMENTS
• FHA Mortgage Insurance is required. Ask your Loan Officer for details.
• FEMA PDMDA verification required, in addition to documentation from a 3rd party that the home is not habitable as a result of the disaster
• New case number MUST be assigned within one year of the date the PDMDA is declared
• Property must be owner-occupied
• 1 unit SFR residences, manufactured homes (minimum double wide), PUDs and FHA approved condos
• No minimum required investment (MRI). Max LTV ratio limit is 100% of adjusted value. If a 203(k) is used in conjunction with a 203(h), the 203(k) LTV applies.
• 203(h) must be processed and underwritten in accordance with 203(b) requirements, unless specific guidance is detailed

Contact us to learn more about this program.

 

ELIGIBILITY REQUIREMENTS
• FHA Mortgage Insurance is required. Ask your Loan Officer for details.
• FEMA PDMDA verification required, in addition to documentation from a 3rd party that the home is not habitable as a result of the disaster
• New case number MUST be assigned within one year of the date the PDMDA is declared
• Property must be owner-occupied
• 1 unit SFR residences, manufactured homes (minimum double wide), PUDs and FHA approved condos
• No minimum required investment (MRI). Max LTV ratio limit is 100% of adjusted value. If a 203(k) is used in conjunction with a 203(h), the 203(k) LTV applies.
• 203(h) must be processed and underwritten in accordance with 203(b) requirements, unless specific guidance is detailed

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