As the country is engulfed in hurricane season, and reports of devastating floods and disasters hit our airwaves, it is reassuring to note that New Jersey mortgage holders recently suffering damage to their homes from such natural disasters qualify for e marketing solutions assistance from the Federal Housing Administration (FHA), under their Section 203 (h) program. According to the FHA, the Section 203(h) insures mortgages underwritten by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.

Federal Disaster Area: New Jersey victims must qualify by living in areas designated by the President as a federal disaster area, which allows the mortgage application to be written so that victims can become homeowners once again. Or, if the New Jersey victim was previously a homeowner and lost their home to a natural disaster in a designated disaster area, he/she can qualify for the reconstruction or replacement of this property through the Section 203H.

Downpayment: A downpayment is not required to qualify for this type of mortgage according to Section 203H, though closing costs, application expenses must be paid at the time of closing either in cash, or it can be paid by premium pricing. Otherwise, qualifying applications are eligible to receive 100% financing as an option in this mortgage program.

Other Fees: There is a price in obtaining FHA mortgage insurance. The insurance for this type of mortgage also needs to be collected upfront, at time of closing or can be wrapped in the regular mortgage payment.

The qualifying lending institutions collects from the borrowers an up-front insurance premium (which may be financed) at the time of purchase, as well as monthly premiums that are not financed, but instead are added to the regular mortgage payment.

Timing: The borrower must submit an application for this mortgage insurance to a qualified lender in one year or less of the President's declaration of a federally designated disaster area.



Credit: Though the program underwriting requirements are not as strict as conventional mortgage underwriting, e marketing strategy a minimum credit score is still required. Most FHA approved lending institutions require a minimum of 640. If you feel your score does not qualify, consider rapid rescoring as an option.

Eligible Lending Institutions: Applications must be made only through an FHA-approved lending institution for New Jersey residents. Requests are made through what is called "Direct Endorsement", which qualifies the institutions to process these applications without going through HUD. To contact an FHA-approved institution in your area

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