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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 to 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 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 borrower may have been the owner or a renter of the property affected.

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

Eligibility:

• Program 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 property 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 information that the Borrower is working with the servicing Mortgagee to appropriately address their mortgage obligation; and apply any property insurance proceeds to the Mortgage of the damaged house.

 

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

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 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!

  • Rosalind Fears • January 28, 2018

    Joan was such a pleasure to work with! When Quicken denied my client's loan, Joan stepped in immediately and made every effort to make sure my client was approved. Joan was always available when I called. I am going to definitely refer him to future clients. Thanks Joan! It was a pleasure working with you.

  • Javier Rodriguez • November 05, 2015

    BEST LOAN OFFICER!!! I had a terrible experience with Nations Reliable Lending. After wasting time, I met Joan Gallardo. He cleaned my credit explaining WITH details what had to be done. He worked day, nights, even on SUNDAYS on getting me approved. Who does that? Just Joan Gallardo!!! I got a 100% financing thanks to Joan. Thanks to Joan my family and I have a place to call a HOME. I recommend everyone to contact JOAN GALLARDO! You will NOT regret it. Thank you Joan!!

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