Articles Tagged With: FHA Disaster Relief

November 7, 2017

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...

October 5, 2017

HUD Secretary Ben Carson On Hurricane Harvey Disaster Relief

By Bruce Reichstein

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...

September 25, 2017

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

By Joe Wallace

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...

September 22, 2017

HUD Announces Disaster Relief For Puerto Rico

By Joe Wallace

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...

September 19, 2017

HUD Announces Disaster Relief For Virgin Islands, Georgia

By Joe Wallace

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...

September 14, 2017

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

By Bruce Reichstein

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...

September 14, 2017

HUD Announces Disaster Relief For Florida

By Joe Wallace

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 | more...

September 13, 2017

HUD Announces Disaster Relief For Puerto Rico

By Bruce Reichstein

In the wake of Hurricane Harvey and Hurricane Irma, the Department of Housing and Urban Development has made announcements about disaster relief as certain parts of the country become federally-declared disaster areas. The latest of these is a press release from HUD on relief efforts to Puerto Rico. According to a press release on the FHA/HUD official site, “HUD will speed federal disaster assistance to the Commonwealth of Puerto Rico and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.” That assistance includes a 90-day moratorium on foreclosure action for FHA mortgages, the availability of FHA rehab loans for disaster victims, and more. According to HUD, these options can help those in the affected areas recover, rebuild, or purchase a new home to replace | more...

September 12, 2017

Can I Use Disaster Relief For My FHA Loan Down Payment?

By Joe Wallace

Can I use disaster relief for my FHA loan down payment? That question is on the minds of many in the wake of hurricanes, forest fires, and other natural disasters. FHA home loans have a minimum required investment or down payment of 3.5% of the adjusted value of the home. Depending on circumstances including marginal credit scores, some transactions may require a higher down payment. But the down payment is required no matter what, and FHA loan rules state the down payment must come from approved sources. That means a borrower will be required to furnish the lender with information about the source of the FHA loan down payment. Borrowers can use cash saved at home, money from investments or savings clubs, even gift funds from approved sources. Those approved | more...

Credit Scores For An FHA Home Loan: When Low Credit Is Not Bad Credit

September 6, 2017

HUD Announces Disaster Relief Priorities For Survivors of Hurricane Harvey

By Bruce Reichstein

HUD has announced disaster relief priorities for survivors of Hurricane Harvey, and those priorities include long-term housing needs for those displaced by the disaster. According to a press release published on the HUD official site, the Department of Housing and Urban Development is the “lead federal coordinating agency for long-term disaster-related housing needs resulting from Hurricane Harvey. Federal partners are working closely with the Texas state-led housing task force, as well as other state, local, tribal and voluntary agencies, to meet the need for quality affordable rental homes.” Post-Harvey disaster recovery efforts are, as you can see from the quote above, far-reaching. Those who have been displaced may be eligible for FEMA assistance, and HUD urges all in hurricane affected areas to contact FEMA to determine what they may be | more...