By Phil Ganz
Edited by Ryan Skerritt
On September 28, 2024, President Joseph R. Biden, Jr. declared a major disaster in the State of Florida due to Hurricane Helene.
This declaration activates federal disaster assistance programs, including the FHA 203(h) program, for affected areas.
Verify Your 0-Down FHA 203(h) Loan Eligibility
The FHA 203(h) program offers 100% financing for eligible residents in designated Florida counties, allowing both homeowners and renters affected by the disaster to purchase or rebuild a home, even in different jurisdictions.
What is the Florida FHA Disaster Victims Mortgages 203(h) Program?
The Florida FHA 203(h) Disaster Victims Program is a government-backed mortgage program designed to help individuals whose primary homes have been destroyed or significantly damaged in a Presidentially Declared Major Disaster Area (PDMDA).
This program provides 100% financing for eligible borrowers, allowing them to purchase a new home or rebuild their existing one without the need for a down payment.
Available to both homeowners and renters, the FHA 203(h) program offers flexible terms and credit requirements to support those affected by disasters, enabling them to recover and rebuild more quickly.
Verify Your 0-Down FHA 203(h) Loan Eligibility
FHA 203(h) Loans for Floridians Affected by Hurricanes
In response to the devastation caused by Hurricane Helene, which began on September 23, 2024, a major disaster declaration was made for the state of Florida on September 28, 2024.
This declaration activated federal disaster assistance programs, including the FHA 203(h) program, specifically designed to help those in the affected areas.
Residents in the following counties are eligible for the FHA 203(h) program: Charlotte, Citrus, Dixie, Franklin, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Taylor, and Wakulla.
Eligible applicants have up to one year from the disaster declaration date to apply, making it crucial to act quickly.
It’s recommended to work with FHA-approved lenders familiar with the 203(h) program to take full advantage of this relief.
Verify Your 0-Down FHA 203(h) Loan Eligibility
Program Benefits
The FHA 203(h) program provides valuable support for Florida residents affected by disasters. Here are the key benefits:
- 100% financing with no down payment required
- Flexible credit approval based on pre-disaster credit history
- Available to both homeowners and renters
- Can be used to buy or rebuild anywhere, even outside Florida
- Fixed-rate mortgage options for 15 or 30 years
Verify Your 0-Down FHA 203(h) Loan Eligibility
Requirements to Qualify for an FHA 203(h) Loan
To qualify for an FHA 203(h) loan in Florida, applicants must meet these requirements:
- The previous home must have been in a declared disaster area
- The home must have been destroyed or severely damaged
- Must apply within one year of the disaster declaration
- Loan must be used for a primary residence
- Proof of FEMA claim required
- Minimum credit score of 500 (lenders may require higher)
These requirements ensure that the program is available to those most affected by disasters.
Verify Your 0-Down FHA 203(h) Loan Eligibility
Steps to Apply
Start your journey to rebuilding or purchasing a new home by following these simple steps to apply for an FHA 203(h) loan.
Verify Eligibility and Find a Lender
Confirm eligibility online and choose an FHA-approved lender familiar with the 203(h) program.
Apply and Get Pre-Approved
Submit your application with necessary documents, including proof of FEMA claims, and get pre-approved.
Receive Funds and Close
Once approved, receive funding, close on your new home, and move in!
Verify Your 0-Down FHA 203(h) Loan Eligibility
FHA 203(h) Program FAQs
Here are some common questions and answers about the FHA 203(h) program for disaster victims.
What is the FHA 203(h) program?
The FHA 203(h) program is a mortgage option designed to help victims of major disasters purchase or rebuild homes with 100% financing.
Who is eligible for the FHA 203(h) program?
Eligibility is for individuals whose primary residences (owned or rented) were destroyed or significantly damaged in a Presidentially Declared Major Disaster Area (PDMDA).
What's the main benefit of the FHA 203(h) program?
The primary benefit is 100% financing, meaning no down payment is required.
How long do I have to apply for an FHA 203(h) loan?
Generally, borrowers have up to one year from the date of the disaster declaration to obtain an FHA case number.
Can I use the FHA 203(h) loan to buy a home in a different area?
Yes, the new residence can be located in any jurisdiction, even across state lines.
Verify Your 0-Down FHA 203(h) Loan Eligibility
What types of properties are eligible?
Eligible properties include single-family homes, FHA-approved condominiums, and manufactured homes.
Are there credit score requirements?
The FHA minimum credit score is 500, but lenders may have higher requirements. Some lenders may require a minimum score of 620.
Can I use the FHA 203(h) loan in conjunction with other FHA loans?
Yes, it can be used in conjunction with other FHA mortgages, such as the 203(k) Rehab Loan.
Do I need to provide proof of the disaster's impact?
Yes, borrowers must provide proof of a FEMA claim and evidence that their previous home was destroyed in the disaster.
Can renters use this program?
Yes, both homeowners and renters whose residences were affected by the disaster are eligible.
Are there any restrictions on the loan terms?
The program offers 15- and 30-year fixed-rate terms.
Can I use the loan for investment properties?
No, the FHA 203(h) program is for primary residences only.
How does the program handle credit issues caused by the disaster?
Late payments resulting from the disaster may be disregarded in the underwriting analysis.
Are there limits on the loan amount?
Yes, FHA loan limits apply, which vary by area. As of 2022, the floor was $420,680 for most areas, up to $970,800 in high-cost areas.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
