100% Mortgage Financing for Storm Victims

Elizabeth Cooper-Golden Huntsville Realtor

by Elizabeth Cooper-Golden

in Huntsville Alabama Mortgages

Presidentially Designated Disaster Area

With designation of our local area as a federal disaster area, due to the tornado outbreak of April 27, 2011, effected residents may now qualify for FHA mortgage insurance under Section 203H of National Housing Act.

This is a direct benefit for those who lost their residence during the stormsĀ  either by destruction or severe damage. Insurance may likely payoff existing mortgages but to rebuild or relocate still requires many to obtain an another mortgage.

203H Benefit Summary

  • No Down payment Required with 100% financing
  • Sellers may pay up 6% of closing cost
  • Lender fees are limited e.g., 1 point only for loan origination fee
  • For more information visit Mortgage Insurance for Disaster Victims.

For More Information

Of course one will still have to financially qualify for the new mortgage and there is some question regarding extending the benefit to your own personal circumstances. For example even if you were renting your storm damaged residence, you may still qualify for a 100% mortgage if you choose to relocate and purchase a new home. Today’s local FHA mortgages rates average 4.25%.

As always don’t hesitate to give us a call 256-425-1659 or drop us an email and we can have one of our associated mortgage professionals assist you in determining your eligibility.

- Elizabeth

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. © 2016 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

@Homes Realty Group
100 Providence Main Street
Suite B (above CVS)
Huntsville, AL 35806

Phone Numbers
Cell: (256) 425-1659
Office: (256) 585-6000
Fax: (256) 217-4073

Email Address
Elizabeth@atHomesRealty.com

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