WE WILL RECOVER TOGETHER!
Here are a few resources to help you and your loved ones!
MyFlorida.com - The Official Portal of the State of Florida
Government is offering up to $37k per household for any damages or losses not covered by your insurance or for people without insurance including cars, personal items, etc.
If their home was Damaged/Destroyed in the storm, and they need to purchase a new home
Here is snippet of the guide on it…The cliff notes are. If their home was Damaged/Destroyed in the storm, and they need to purchase a new home. They can do so up to 100% LTV and you do not have to count the payment of the current home in the DTI. Call with any scenarios.
(Todays price is below the guidelines)
· Eligible Sections of the Act are 203(b) and 203(h)
203(h) Mortgage Insurance for Disaster Victims Additional Requirements
· Acceptable documentation showing permanent residence in the affected area is a valid driver's license, voter registration card, utility bill, etc.
· Acceptable documentation regarding destruction may include an insurance report, an inspection report by an independent fee inspector or government agency or conclusive photographic evidence showing the destruction.
· 100% financing of the sales price and no down payment is required, (maximum 90% LTV with credit scores below 580)
· The borrower must have either been the owner or the renter of the property affected.
· Closing costs and prepaid expenses not paid by the seller must be paid by the borrower in cash or through premium pricing.
· Standard MIP, Refer to chart above.
· Maximum mortgage amount are limited to individual county limits.
· 1-Unit, Owner Occupied, Single Family detached homes or units in an approved condominium project.
· 2-4 Unit properties are NOT permitted.
· The FHA case number must be assigned within one year of the President's declaration of disaster or other time as announced by the department.
· Subject property must have been located in a Presidentially-Declared Major Disaster Areas (PDMDA) and destroyed/damaged to such an extent that reconstruction or replacement is necessary. A list of the specified affected counties and cities and corresponding disaster declarations are provided by FEMA at http://www.fema.gov/disasters.
· An effort should be made to obtain standard, traditional documentation in regards to income, employment, credit and assets; however, if unavailable due to property destruction, then alternative documentation as detailed within the HUD Handbook 4000.1 may be used if prudent and reasonable. The below highlights certain attributes that may be considered in a disaster related loan profile:
o Borrowers with derogatory credit isolated to specifically after the date of the disaster
o Short-term employment obtained following the disaster in the calculation of effective income
o When a borrower is purchasing a new home, the mortgage payment on the destroyed residence located in a PDMDA may be excluded from the borrower's liabilities. To exclude the mortgage payments from the liabilities, the underwriter must:
§ Obtain information that the borrower is working with the servicing lender to appropriately address their mortgage obligation; AND
§ Apply any property insurance proceeds to the mortgage of the damaged home.
- McKenzie Wedemeier