The Disaster Relief Mortgage is a special 100% mortgage program to help 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. Assistance is provided to disaster victims whose previous residence has been destroyed or damaged to such an extent that replacement is necessary. The borrower may have been the owner or a renter of the property affected.
The borrower must provide conclusive evidence that their previous residence was located in a disaster area and was destroyed or damaged to such an extent that replacement is necessary. Documentation showing a permanent residence in the affected area before the disaster includes a valid driver’s license, a voter registration card, utility bills, etc. Documentation regarding destruction of the residence may include an insurance report, an inspection report by an independent fee inspector or government agency or conclusive photographic evidence showing the destruction or damage. The program is good for one year of the President’s declaration of the disaster.
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. This program may only be used to purchase a new primary residence (no investment properties, second homes, etc.)
This is offered as a 30 year fixed rate mortgage, no balloon or pre-payment penalties.
Minimum credit score: 600
Max Loan Amount: $420,680 (in most counties)
Max Loan to Value: 100%
Please contact a HomeWay Mortgage loan officer at 281-565-8500 for more details. Or apply online at www.HomeWayMortgage.com