FHA 203(h) High Balance Fixed
FHA 203(H) Mortgage Insurance for Disaster Victims
This is a specialty FHA loan program that provides up to 100% financing to help victims of disasters purchase new properties or rebuild after their homes have been substantially damaged.
In 2019 there were over 100 disaster declarations according to data from FEMA, the Federal Emergency Management Agency. Causes included severe winter storms, hurricanes, tornados, flooding, wildfires, and mudslides, among others.
For the purchase or reconstruction of owner-occupied single family homes.
Up to 100 percent financing available.
Seller paid closing costs permitted, up to 6 percent.
Credit will be manually underwritten. Late payments may be ignored from the underwriting analysis if they take place after the date of the disaster and are found to have been caused by the displacement.
Choose from Fully Amortizing Fixed Rate or 5/1 Hybrid ARM.
10 year, 15 year, 20 year, 25 year, and 30 year term options.
Single Family Residence, Manufactured, FHA Approved Condos, PUDs.
Primary Residence Only.
What are the benefits?
Available to renters as well as homeowners.
Renters who are displaced by a disaster may be eligible to purchase a new home with 100% financing through this program, and exempt from the 3.5% down payment requirement that comes with the standard FHA loan.
Does not need to be used right away.
In the days and weeks immediately following a disaster it may not be possible or prudent to focus on the next steps towards establishing long term housing or homeownership. Thankfully, eligibility for this program begins as soon as the US President declares the disaster, and remains for one year from that date of declaration.
Can choose to rebuild or move on.
Financing can be used to either rebuild a home that was destroyed, or to buy a new property.
What to do after a natural disaster:
When a natural disaster hits, your life may be quickly filled with uncertainty and chaos. After ensuring you and your family are safe, issues related to your home and income are typically of utmost concern, from how to handle repairs and insurance claims to temporary mortgage payment relief. Investor guidelines will determine your available assistance options. LoanGIANT is here to help.
Start here
Ensure your safety and the safety of your family; be sure your residence is safe before returning to inspect any damage.
Record the details of your damage, document with photos.
Locate any important documents you may need for seeking assistance.
Contact your homeowner’s insurance provider to understand your coverage, file a claim and meet with an adjuster.
Contact FEMA at 800-621-3362 to determine if you qualify for assistance and obtain a FEMA case number. Be sure to have your social security number and contact information available.
Contact LoanGIANT to report your insurance claim information and learn what hardship options may be available under your loan program.
Loss Draft (Insurance Claim Payment Processing) Department: 800-929-6110
Homeowner Insurance Department: 800-929-6110
Customer Service: 800-929-6110
CONTACT YOUR INSURANCE
Your insurance company should be one of your first calls. Before you call, be sure to read up on the process.
The Insurance Process
CONTACT AGENCIES
FEMA: 800-621-3362
American Red Cross: 866-438-4636
Salvation Army
Additional Resources
CONTACT LOANGIANT
During the FEMA relief period, if you were impacted by a natural disaster, LoanGIANT may be able to offer payment relief options.
Payment Relief Options
Until you confirm that you are eligible for payment relief under your investor's loan program during a FEMA declared relief period, it is important that you continue to make timely mortgage payments. If you cannot, payment assistance may be available. Payment assistance plans have a limited term. Any unpaid amounts will be due and payable at the end of the payment assistance period. Remember, your loan program guidelines are primarily set by the investor, not LoanGIANT. Certain limitations may apply based on those guidelines.
Agency resources:
FEMA
800-621-3362
FEMA.gov
Feed The Children
800-627-4556
FeedtheChildren.org
American Red Cross
866-438-4636
RedCross.org
Salvation Army
disaster.salvationarmyusa.org
National Voluntary Organizations Active in Disaster (VOAD)
VOAD on Ready.gov
Visit DisasterAssistance.gov to apply and qualify for potential grants and assistance.
