January 19, 2018

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Articles in Category: FHA Disaster Assistance

HUD Announces Hurricane Irma Aid Package For Hardest-Hit Florida Communities

HUD Announces Hurricane Irma Aid Package For Hardest-Hit Florida Communities

HUD has announced a multi-milllion dollar Hurricane Irma aid package for hardest-Hit Florida communities. A press release at the Department of Housing and Urban Development details the federal aid, intended for areas HUD deems the most affected. According to HUDNo.17-106, the aid package include $615,922,000 made available via the HUD Community Development Block Grant–Disaster Recovery (CDBG-DR) Program. “The entire federal family” stands with the people of Florida “to help them recover from this devastating storm as quickly as possible,” according to HUD Secretary Ben Carson, who is quoted in the press release, adding, “HUD and the State of Florida will work together to speed the rebuilding of seriously damaged homes and businesses that lack the resources to recover on their own if not for these recovery dollars.” In September, the | more...

 
Does FHA have a disaster loan program?

Does FHA Have A Disaster Loan Program?

Does FHA have a disaster loan program? The short answer is yes, and it is quite different than a standard FHA forward mortgage. The FHA 203(h) loan is available as a new purchase mortgage or a refinance loan. In this case “new purchase” may lead some to believe you are only allowed to buy a new home with an FHA 203(h), but the reality is that you can use the 203(h) to rehab an existing damaged home, or purchase a replacement home. FHA 203(h) Disaster Loans: Unique Requirements FHA 203(h) disaster loans are only approved for those who are in federally-declared disaster areas. You cannot be approved for an FHA 203K(h) mortgage if you are not in a one of the official presidentially-declared federal disaster areas. You can check the | more...

 
HUD Announces Hurricane Irma Aid Package For Hardest-Hit Florida Communities

HUD Makes Disaster Relief Available For California Wildfire Victims

The Department of Housing and Urban Development has announced disaster relief for victims of California wildfires, following a presidential declaration of federal disaster areas in the state. According to a press release published on the HUD/FHA official site, “HUD will speed federal disaster assistance to the State of California and provide support to homeowners and low-income renters forced from their homes due to wildfires” in the counties affected by the major disaster declaration. Those counties include: Butte Lake Mendocino Napa Nevada Orange Sonoma Yuba Those in federally declared disaster areas are eligible for a variety of measures from the FHA and HUD including FHA loan foreclosure relief in the form of a 90-day moratorium for all FHA mortgage foreclosure actions in the affected areas. Home owners may also be eligible | more...

 
HUD To Provide $5 Billion For Hurricane Harvey Recovery In Texas

FHA and HUD Announce Extended Foreclosure Relief For Hurricane Victims

The FHA and HUD have announced extended foreclosure relief for victims of recent hurricanes. According to the FHA/HUD official site, those in federally declared disaster areas created by Hurricane Irma, Hurricane Harvey, and Hurricane Maria will have time added to the original 90-day foreclosure moratorium. According to the HUD press release, “FHA is extending this foreclosure relief in Presidentially declared counties and municipalities where the Federal Emergency Management Agency (FEMA) is operating its Individual Assistance Program.” “Under the expanded moratorium, FHA is instructing lenders and servicers to suspend all foreclosure actions against borrowers until the following dates: Hurricane Harvey – February 21, 2018 Hurricane Irma – March 9, 2018 Hurricane Maria – March 19, 2018” Who Qualifies For Extended Foreclosure Relief? According to HUD, those with FHA-insured mortgages qualify for | more...

 
HUD announces settlement in California Fair Housing Case

HUD Takes Measures To Speed Up Hurricane Recovery Efforts

HUD has announced it is taking measures to speed up hurricane recovery efforts through a series of red tape-cutting waivers that affect regulatory and administrative procedures. According to a press release on the official site, a set of 19 waivers have been created, intended to help communities “to accelerate their recovery from Hurricanes Harvey, Irma and Maria. While HUD granted a number of individual waivers following disasters in the past, today’s announcement represents one of the largest collections of regulatory and administrative waivers ever issued by the Department at one time” according to the HUD official site. A variety of programs are affected by these new waivers. They include: The Community Development Block Grant (CDBG) Program HOME Investment Partnerships (HOME) Program Housing Opportunities for Persons with AIDS (HOPWA) Program Emergency | more...

 
HUD To Provide $5 Billion For Hurricane Harvey Recovery In Texas

HUD Secretary Ben Carson On Hurricane Harvey Disaster Relief

The head of the Department of Housing and Urban Development has written an open letter to the victims of Hurricane Harvey discussing the FHA/HUD outreach to affected areas and options for disaster relief. According to the FHA/HUD official site, HUD Secretary Ben Carson addressed those in the federal disaster areas in Texas stating, “HUD is tasked with comprehensive, long-term disaster relief and has been working on the front lines in Texas. We are your ear on the ground and your voice in Washington, and we are committed to providing a compassionate and effective response.” Secretary Carson’s remarks included options for those recovering from Hurricane Harvey. “We are currently locating vacancies and moving displaced residents into safer housing.” “We are also working closely with homeless shelters and with temporary shelters, ensuring | more...

 
HUD announces settlement in California Fair Housing Case

HUD Announces Further Disaster Relief For U.S. Virgin Islands

The Department of Housing and Urban Development has announced disaster relief for St. Croix Island, the latest of the U.S. Virgin Islands to be declared a major federal disaster area. There have been a string of announcements for areas in Puerto Rico and elsewhere as the damage has been surveyed and, in some cases, when additional concerns are raised by new tropical storms and hurricanes. St. Croix is now able to receive federal disaster assistance from FEMA, HUD, and the FHA among other agencies. Home owners in presidentially-declared major disaster areas should contact FEMA as soon as possible to determine what benefits and relief are available to them. Those who own property damaged in the natural disaster should contact their lenders and insurance agents to determine next steps in recovery, | more...

 
HUD announces settlement in California Fair Housing Case

HUD Announces Disaster Relief For Puerto Rico

The Department of Housing and Urban Development has announced federal disaster relief for natural disaster victims in Puerto Rico. According to a press release on the FHA/HUD official site, the following municipalities have been declared major disaster areas: Aguas Buenas, Aibonito, Arecibo, Arroyo, Barceloneta, Barranquitas, Bayamón, Caguas, Canóvanas, Carolina, Cataño, Cayey, Ceiba, Ciales, Cidra, Coamo, Comerio, Corozal, Culebra, Dorado, Fajardo, Florida, Guayama, Guaynabo, Gurabo, Humacao, Jayuya, Juana Díaz, Juncos, Las Piedras, Loíza, Luquillo, Manati, Maunabo, Morovis, Naguabo, Naranjito, Orocovis, Patillas, Ponce, Rio Grande, Salinas, San Juan, San Lorenzo, Santa Isabel, Toa Baja, Toa Alta, Trujillo Alto, Utuado, Vega Alta, Vega Baja, Vieques, Villalba and Yabucoa. Those in a federally declared disaster area have options for relief from agencies including FEMA, the FHA, and HUD. According to the press release, “HUD’s | more...

 
HUD announces settlement in California Fair Housing Case

HUD Announces Disaster Relief For Virgin Islands, Georgia

The Department of Housing and Urban Development (HUD) has announced disaster relief for parts of Georgia and the U.S. Virgin Islands. As more parts of the United States and its’ protectorates are affected by hurricanes and tropical storms, many of those areas are being declared federal disaster areas and as such become eligible for certain aid from HUD, FEMA, and other agencies. The disaster declaration for St. Thomas and St. John islands, plus Camden, Chatham, and Glynn counties in Georgia mean that the FHA “activates a mortgagee letter making a variety of insured loan programs available for disaster victims and putting into play use of special loan servicing and underwriting requirements” according to the FHA/HUD official site. What options are available in these areas? According to HUD, those directly affected | more...

 
What you should know about FHA 203(h) Loans For Disaster Victims

What You Should Know About FHA 203(h) Loans For Disaster Victims

After Hurricane Irma and Hurricane Harvey, the Department of Housing and Urban Development has been issuing press releases as more federal disaster areas are declared in affected counties. When the government names such disaster areas, they become eligible for a variety of relief measures including FHA 203(h) loans for disaster victims. During this particular set of disasters, there’s been a trend( in news media and among those affected by the hurricanes) to refer to those who have experienced them as “survivors” rather than “victims”. While that is acknowledged and respected here, the wording used in official FHA/HUD guidance such as the FHA Single Family Home Loan Handbook (HUD 4000.1) is “victims” and for accuracy’s sake that’s how we’ll reference the materials when quoting from and discussing these references. What You | more...