Section 203(h) Mortgage Insurance for Disaster Victims helps make it easier for survivors to get a mortgage to buy or rebuild a home.
Section 203(k) Rehabilitation Mortgage Insurance offers two options for both home buyers and homeowners:
- Get a single mortgage to buy or refinance a home and the cost of its rehabilitation, or
- Finance the restoration of your existing home.
You may use the money for work ranging from minor to a total rebuild. Rebuild could include the following:
- Residential section rehabilitation of a property that also has non-residential uses.
- Conversion of any size property to a one- to four-unit structure.
For smaller repairs or rehabilitation, up to $35,000, you may get a Limited 203(k) for work that doesn’t require you to buy or refinance the property.
To learn more, visit the U.S. Department of Housing and Urban Development (HUD) program pages below:
General Program Requirements
You must meet the conditions below to qualify for these programs.
Section 203(h) Mortgage Insurance for Disaster Victims:
- You must own a one-family home damaged or destroyed in a presidentially declared disaster, and
- You must live in the house.
Section 203(k) Rehabilitation Mortgage Insurance:
- You must be able to make monthly mortgage payments, and
- You must be rehabilitating a home that’s at least one year old.
To apply, under Section 203(h), you must send your application to the lender within one year of the disaster declaration.