The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Uses and Use Restrictions
HUD insures lenders against loss on mortgage loans.
These loans may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of a borrower that is a victim of a Presidentially-declared disaster.
The maximum insurable loan for such an occupant mortgagor is the same as prescribed for Section 203(b) (14.117).
Disaster victims are not required to meet the 3.5 percent minimum investment requirements.
In order to qualify for assistance, the formerly occupied home must have been in an area designated by the President as a disaster area, and it must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary.
Anyone that is a victim of a major disaster as designated by the President is eligible to apply.
Families or individuals that are victims of a major disaster as designated by the President.
Documentation regarding the characteristics of the property to be financed and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. An FHA-approved lender submits the application for review and approval or disapproval to the local HUD Field Office.
Applications are submitted for review and approval or disapproval to the local HUD Field Office through a HUD approved lending institution. In addition, certain lending institutions have been approved to review mortgage insurance applications and issue an approval or rejection, without prior HUD review and approval. This program is referred to as Direct Endorsement.
National Housing Act.
Range of Approval/Disapproval Time
HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.
Formula and Matching Requirements
This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
This program goes in to effect when the President declares the disaster and remains in effect for one-year from the date of declaration. Method of awarding/releasing assistance: quarterly.
Post Assistance Requirements
Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.
(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported Under 14.117 for all fiscal years.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at email@example.com or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: firstname.lastname@example.org Phone: (800) 225-5342
Criteria for Selecting Proposals
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