July 20, 2018

Vimeo Channel YouTube Channel

HUD Announces Disaster Relief For Florida

HUD announces disaster relief for Florida.

In the aftermath of Hurricane Irma, the Department of Housing and Urban Development has announced disaster relief measures for Florida following a presidential declaration of federal disaster areas in the state.

According to a press release on the FHA/HUD official site, the following counties are now recognized as federal disaster areas:

Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns counties.

According to the release, HUD offers a variety of relief options to those in the affected areas including (but not limited to) the following:

A 90-day moratorium on foreclosures and “forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages”.

Making Section 203(h) loans available to those in the counties listed above. The 203(h) program “provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs”.

Offering both new purchase mortgage loans and rehabilitation loans to restore damaged property. The FHA 203(k) loan program “enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home” according to the FHA/HUD official site.

Borrowers who are in these affected areas should contact FEMA, their lender, and their insurance agent. It’s always a good idea to take your time when deciding on insurance settlement options-don’t be rushed into agreeing to a settlement before you fully understand all your options.

It’s also crucial to make arrangements on your mortgage loan. Do not assume you may stop making mortgage payments even if your property is uninhabitable. Discuss your circumstances with your lender to see what may be required in order to arrange for loan forbearance, resumption of payments, loans for repair, etc.

Also, speak to your loan officer if you aren’t sure whether your property is located in an area eligible for federal disaster assistance. You can also contact FEMA to get more information or updates on which areas are considered federal disaster zones and which are not.

Joe Wallace - Staff Writer

By Joe Wallace

September 14, 2017

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

Connect with Joe:


Browse by date:

About FHANewsBlog.com
FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

5850 San Felipe Suite #500, Houston, TX 77057 281-398-6111.
FHANewsBlog.com is privately funded and is not a government agency.

Share This