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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:

  • Yandy Caballero • June 17, 2020

    For the COVID-19 the process was a little slow but Clear Lending worked hard and thanks to his team my wife and I fulfilled our dream. Thanks, Clear Lending!!!

  • Joshua Brandson • December 13, 2021

    Thank you guys for all the long hours you all have dedicated to get me approved and close my first home. As first time home buyer, I had no clue who to go with as this process can get overwhelming. I had contacted my bank plus a couple of options and somehow I felt I would be wasting my time. When I contacted clearlending I got the feeling they meant business and it has been fast and no lender fees. I can tell Joan is very knowlegeable after he would show me at every home appointment what to pay attention and what not to worry in regards the house structure. I was always told in Houston homes may have foundation issues and Joan gave me detailed explanations. This guy knows a lot. I truly recommend him. Thanks Joan.

  • Jeffrey Rodriguez • January 30, 2014

    Joan:

    Thank you so much for all your hard work to make this loan a successful ending. You know this is not my first house, but my family and I are very grateful. I am not a first time home buyer, but we are very excited to be a home owner again. I thank you from the bottom of my heart once more for making this possible. Yes, I will definitely refer anyone who comes to me for the inquiry. I will never forget you Joan and Nathalie for what you have done and how hard you worked to make my dream come true. You are very efficient and professional. I am glad that you are my loan officer. Thank you very much once again.

    Sincerely,

    Jeffrey Rodriguez

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