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Disaster Relief Loan Program:

Government Loan for Natural Disaster Victims

Government

The Federal Government helps victims in Presidentially-Declared Major Disaster Area (PDMDA) recover by making it easier to get mortgages and become homeowners or re-establish themselves as homeowners.

 

The Federal Government helps victims in Presidentially-Declared Major Disaster Area (PDMDA) recover by making it easier to get mortgages and become homeowners or re-establish themselves as homeowners. The Disaster Relief Loan Program allows victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.

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 home in the affected site before the disaster includes a valid driver's license, a voter registration card, utility bills, etc. Documentation regarding the destruction of the residence may consist of an insurance report, an inspection report by an independent fee inspector or government agency, or conclusive photographic evidence showing the destruction or damage. The Borrower may have been the owner or a renter of the property affected.

Disaster Relief Loan Program offers features that make a recovery from a disaster easier:

Eligibility:

• Program is available to renters and homeowners of damaged homes.
• Credit score as low as 600 as well as borrowers with no credit (non-traditional credit).
• The purchased property must be a single-family residence.
• The purchased house must be primary residence only.
• Eligible applicants include U. S. citizens, permanent resident aliens, Non-permanent resident aliens as allowed by HUD guidelines, and Non-occupant co-borrowers.
• Applicant must proof prior residence is uninhabitable.

Benefits:

• No down payment is required.
• The Borrower is eligible for 100 % financing.
• Closing costs and prepaid expenses can be paid through premium pricing or by the seller, subject to a 6 % limitation on seller concessions.
• Loans available with 10, 15, 20, 25, 30-year terms.
• Mortgage Payment on the destroyed residence located in a PDMDA excluded from the Borrower's liabilities IF Borrower obtains the information that the Borrower is working with the servicing Mortgagee to address their mortgage obligation appropriately, and apply any property insurance proceeds to the Mortgage of the damaged house.

 

Don't wait any longer and find out how much loan you can get Pre-Approved.

If you have lost your primary residence due to a natural disaster, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online, and we will contact you right away to review the best options for you.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.


Customers Reviews:

  • Denita Hawkins • July 19, 2017

    Thank you Joan! You TRANSFORMED a Nightmare into a DREAM!

  • Gerardo & Brenda Olivares • May 07, 2014

    Joan,

    Thank you SO much for all of your help! You were very patient with us and made sure we understood every step of the way. We never thought we would be able to find our perfect home this soon! We are still in shock how fast you’ve worked and how you were looking out for OUR best interests and not the other way around.

    Thank you for caring in what you do, it really makes a difference when you’re working with someone that really cares and enjoys what they do. Thanks again! We will definitely make sure to send anyone looking into a home your way!

    Gerardo & Brenda Olivares

  • Alicia D • July 20, 2019

    FROM GOOGLE: AWESOME! Clear Lending knows what they are talking about when it comes to the buying and selling of Homes. They will go out of their way to make their clients feel secure in the handling of the biggest transaction of their lives. I highly recommend them! BIG shout to Edgar, Joan and Patricia…so friendly, helpful and professional. THANK YOU SO MUCH Y’ALL!

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