FHA and HUD Announce Disaster Relief for Borrowers in Washington
February 2, 2022
The U.S. Department of Housing and Urban Development has issued a press release announcing federal disaster relief for parts of Washington State affected by natural disasters late in 2021. The following counties are officially federal disaster areas:
Those who own homes in these affected counties or tribal areas should contact their loan servicers immediately. Be sure to ask about FHA and HUD relief, loan modification options that may be offered to you, and foreclosure prevention remedies. The FHA and HUD offer a variety of options for those with FHA mortgages, but under the federal relief programs, you may be able to apply for FHA refinance loans to repair or replace homes purchased under other loan programs.
Immediate Foreclosure Relief
In federal disaster areas, there is a 90-day moratorium “on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced on the date of the Presidential major disaster declaration. This also applies to the foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program” according to HUD.gov.
Rehabilitation Loan Options For FHA and Non-FHA Homeowners
The FHA offers purchase and refinance loans that can help you repair, rebuild or replace homes damaged in federal disaster areas such as those named above. These options include FHA 203(k) Rehabilitation Mortgages and FHA 203(h) Rehabilitation Loans. These can be applied for to buy or refinance.
The 203(k) Rehab loan is offered to any financially qualified applicant regardless of disaster issues, but the FHA 203(h) is specifically for survivors of natural disasters in federally declared areas. You may be allowed to apply for and use BOTH rehabilitation loan programs together when recovering from a disaster.
Call your lender or contact the FHA Resource Center (1-800-304-9320) for further information.
Do not delay if you need help with your mortgage--contact your lender as soon as possible to make arrangements for your loan if you need a modification. You should also make arrangements if you expect to have difficulty with on-time mortgage payments in the wake of a natural disaster.
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Learn About the Path to Homeownership
Take the guesswork out of buying and owning a home. Once you know where you want to go, we'll get you there in 9 steps.
Step 1: How Much Can You Afford?
Step 2: Know Your Homebuyer Rights
Step 3: Basic Mortgage Terminology
Step 4: Shopping for a Mortgage
Step 5: Shopping for Your Home
Step 6: Making an Offer to the Seller
Step 7: Getting a Home Inspection
Step 8: Homeowner's Insurance
Step 9: What to Expect at Closing
- Clallam
- Skagit
- Whatcom
- The Lummi Nation
- Nooksack Indian Tribe
- Quileute Tribe
Those who own homes in these affected counties or tribal areas should contact their loan servicers immediately. Be sure to ask about FHA and HUD relief, loan modification options that may be offered to you, and foreclosure prevention remedies. The FHA and HUD offer a variety of options for those with FHA mortgages, but under the federal relief programs, you may be able to apply for FHA refinance loans to repair or replace homes purchased under other loan programs.
Immediate Foreclosure Relief
In federal disaster areas, there is a 90-day moratorium “on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced on the date of the Presidential major disaster declaration. This also applies to the foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program” according to HUD.gov.
Rehabilitation Loan Options For FHA and Non-FHA Homeowners
The FHA offers purchase and refinance loans that can help you repair, rebuild or replace homes damaged in federal disaster areas such as those named above. These options include FHA 203(k) Rehabilitation Mortgages and FHA 203(h) Rehabilitation Loans. These can be applied for to buy or refinance.
The 203(k) Rehab loan is offered to any financially qualified applicant regardless of disaster issues, but the FHA 203(h) is specifically for survivors of natural disasters in federally declared areas. You may be allowed to apply for and use BOTH rehabilitation loan programs together when recovering from a disaster.
Call your lender or contact the FHA Resource Center (1-800-304-9320) for further information.
Do not delay if you need help with your mortgage--contact your lender as soon as possible to make arrangements for your loan if you need a modification. You should also make arrangements if you expect to have difficulty with on-time mortgage payments in the wake of a natural disaster.
------------------------------
Learn About the Path to Homeownership
Take the guesswork out of buying and owning a home. Once you know where you want to go, we'll get you there in 9 steps.
Step 1: How Much Can You Afford?
Step 2: Know Your Homebuyer Rights
Step 3: Basic Mortgage Terminology
Step 4: Shopping for a Mortgage
Step 5: Shopping for Your Home
Step 6: Making an Offer to the Seller
Step 7: Getting a Home Inspection
Step 8: Homeowner's Insurance
Step 9: What to Expect at Closing
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