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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:

  • Sharaine & Michael • July 26, 2017

    I don't even know where to start with just how much Joan has helped us going above and beyond of his service. I was impressed with how he handled eveything from beginning til we closed, and made sure he contacted us about every detail necessary. I could reach him even late nights and weekends where he could be spending time with family but instead, he was available to assist us. I highly recommend Joan to anyone and I promise you, you won't regret it.

  • Martha Idalia • November 06, 2015

    Thank you for your professionalism and quick thorough response in working with my loan. Always very clear. Great experience, thank you!

  • Michelle Bautista • September 03, 2015

    I just want to take some time and thank Edgar, Joan, & Elena for helping my husband and I get our first home! They are by far the greatest team! Thanks to them our home loan went fast and easy. Once again thank you!!!

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