FHA Direct Loans

100% FHA financing for homebuyers in Presidentially Declared Major Disaster Areas 
 

The STATE OF FLORIDA expects more than 500,000 people from Puerto Rico displaced from Hurricane Maria will move to Florida as permanent residence nest year.

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The Orange County Tax Collectors Office in Orlando, FL processed an average of 24,000 drivers license transfers to people from Puerto Rico to Florida. Since hurricane Maria that number has already doubled and The STATE OF FLORIDA expects more than 500,000 people from Puerto Rico displaced from Hurricane Maria will move to Florida as permanent residence next year that will trigger an overwhelming demand for homes.    

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This loan is designed specifically for disaster victims who are replacing a lost home, available for single-family properties and FHA-approved condominium units.

 

HURRICANE MARIA DISASTER RELIEF GUIDELINES:

• 100% Financing - No down payment

• Evidence of you home in Puerto Rico was destroyed 

• Minimum middle credit score of 580

• 15 & 30-year fixed rate conforming balance

• 30-year fixed rate high balance

• Requires buyers to pay closing costs and prepaid expenses or arrange for premium pricing;  sellers may offer concessions (six percent limitation)

• Gift funds supplied by friends and family may be allowed

 

Deadlines:

After the date of the presidential disaster area declaration, eligible applicants have one year to apply for mortgage insurance and 100-percent financing for home purchases.