FHA Mortgage Insurance Available
February 23, 2009
HUD Announces No Downpayment Mortgages for Hurricane Disaster Victims
Florida FHA mortgage insurance available for displaced victims of Katrina and Rita
WASHINGTON – Housing and Urban Development Secretary Alphonso Jackson today announced that HUD has a mortgage financing program that requires no downpayment for people whose homes have been destroyed or damaged due to Hurricanes Katrina or Rita. In addition to requiring no downpayment, potential homeowners can live anywhere they choose in the United States.
“HUD is committed to helping people affected by these terrible disasters to re-establish their lives,” Jackson said. “We want to give these families and individuals an opportunity to start over – as homeowners – whether they owned or rented their previous residences.”
Under the special mortgage program, called Section 203(h), HUD, through the Federal Housing Administration (FHA), will insure mortgages for individuals or families in a Presidentially-declared disaster area whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary.
