Mortgage Insurance Homes for Disaster Victims
Program Funding
Annual program obligations reported to SAM.gov.
Program Objective
To help victims of a Presidentially-declared disaster whose home was destroyed undertake homeownership on a sound basis.
Eligibility
Eligible Applicants
- Homeowner
Anyone whose home was destroyed or damaged to the extent that it needs to be rebuilt as a result of a Presidentially Decalared Major Disaster is eligible to apply.
How to Apply
Award Procedure
Applications are submitted for review through a HUD approved lending institution.
Varies.
Program details & compliance
Description
Provides insurance to HUD-approved financial institutions for mortgages made to victims of a Presidentially Declaraed Major Disaster to purchase a home.
Mission Categories
Primary: Property and Mortgage Insurance
Use of Funds
Allowed Uses
HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of a borrower that is a victim of a Presidentially-declared disaster. The maximum insurable loan for such an occupant mortgagor is the same as prescribed for Section 203(b) (14.117). Disaster victims are not required to meet the 3.5 percent minimum investment requirements. In order to qualify for assistance, the formerly occupied home must have been in an area designated by the President as a disaster area, and it must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary.
Required Documentation
Documentation regarding the characteristics of the property to be financed and the qualifications of the borrower are assembled by the HUD-approved lending institution and submitted with the application.