On 10/14/2017 Sonoma County was Presidentially-Declared a Major Disaster Area (PDMDA).
The FHA in response has a flexible program to help those whose homes have burned down. The FHA 203(h) can help a renter or a home buyer re-purchase a home with substantial flexibility.
FHA 203(h) Program Highlights
Renter-
- 100% Financing- no required monies down
- Can buy a new home with a loan amount up to FHA high balance loan limit currently set at $595,700 for County of Sonoma
- Minimum middle credit score 580
- Must have a rental payment history for a minimum of 12 months
Homeowner-
- 100% Financing- no required monies down
- Can buy a new home with a loan amount up to FHA high balance loan limit currently set at $595,700 for County of Sonoma
- Minimum middle credit score 580
- Must have a mortgage payment history for a minimum of 12 months
Additionally the following requirements for FHA 203 (H) apply:
- Loan application must be dated no later than 10/14/2018
- Previous residence owned or rented must have been in a PDMDA and destroyed or damaged to the extent that replacement or reconstruction is necessary.
- Borrower must provide conclusive evidence of their destroyed or damaged previous residence
- Documentation to support previous primary residence can include any of the following; valid driver’s license, voter registration card or utility bills.
- The FHA 203 (h) is a disaster relief mortgage loan designed to families who homes burned in recent Sonoma County fires. If you lost your home in the Tubbs, Nuns or Pocket fires this flexible program may help.
Get qualified today online with no obligation or give us a call at 707 217-4000.
