Storms come and go but home remains.
FHA 203(h) loans for disaster relief.

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FHA 203(h) Benefits

Mortgages designed to help those in Presidentially Declared Major Disaster Areas (PDMDA).

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  • No Down Payment
    The FHA 203(h) Home Mortgage requires no down payment as one way to help victims of a major disaster get back into a home easier and more quickly, understanding the economic hardships that accompany these types of loss.
  • 100% Financing
    Homebuyers may finance a home for 100% of the purchase price.
  • Lower Closing Costs
    FHA loans allow sellers to give up to 6% of a home's purchase price to an FHA buyer to pay for loan closing costs.
  • Easier Credit Qualifying
    The FHA 203(h) allows for some leniency with mortgage payment history on damaged property but credit score minimums will still apply. Like other FHA loans because it is government-backed, you can typically qualify for an FHA loan with a lower credit score than conventional alternatives.
  • Government Insured
    The FHA loan is insured by the government, and as an FHA approved Title II Lender with Direct Endorsement authority, Mortgage Lenders of America can offer options for home buyers that might not qualify for a conventional product.

Check Eligibility

See if you meet the requirements for a FHA 203(h) home loan.

Take a look
  • Proof showing residential address in PDMDA
  • Proof of primary residence (owned or rented) being damaged or destroyed to the extent of not being able to occupy such as
    • Insurance claim to show damage to primary residence (second homes and investment property excluded)
    • Documentation from city or county showing that the home is not habitable
    • Appraisal to determine extent of damage to home
  • Application date within one year of disaster declaration
  • Loan must be for the purchase of a primary residence (second homes and investment property excluded)
  • Credit score ≥ 580
  • Debt-to-income ratio less than 57%
  • Documentation of income and funds to close
  • Additional underwriting requirements will vary by borrower situation

Know More

Check out loan calculators, videos, tips, and articles to ensure you're up to speed.

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Get Pre-Approved

Fill out a Pre-Approval form and start searching with confidence.

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  • Determine what you can afford and focus your house-hunting efforts
  • Demonstrate to the seller that you have taken the initial steps to obtain a home loan which can be an advantage over other offers
  • Eliminate surprises; sometimes the pre-approval process can uncover minor issues that are easy to fix and help you get started on the right foot
  • It's free, takes just a few minutes and there's no obligation
  • Apply now!

To calculate your debt-to-income ratio, add up all your monthly debt payments and divide them by your gross monthly income.

Private Mortgage Insurance (PMI) is a policy which protects lenders or investors from possible loan default and is determined based on the loan to value ratio of the loan in question.