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Disaster Relief Loan Program:

Government Loan for Natural Disaster Victims

Government

The Federal Government helps victims in Presidentially-Declared Major Disaster Area (PDMDA) recover by making it easier to get mortgages and become homeowners or re-establish themselves as homeowners.

 

The Federal Government helps victims in Presidentially-Declared Major Disaster Area (PDMDA) recover by making it easier to get mortgages and become homeowners or re-establish themselves as homeowners. The Disaster Relief Loan Program allows to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.

The borrower must provide conclusive evidence that their previous residence was located in a disaster area and was destroyed or damaged to such an extent that replacement is necessary. Documentation showing a permanent residence in the affected area before the disaster includes a valid driver’s license, a voter registration card, utility bills, etc. Documentation regarding destruction of the residence may include an insurance report, an inspection report by an independent fee inspector or government agency or conclusive photographic evidence showing the destruction or damage. The borrower may have been the owner or a renter of the property affected.

Disaster Relief Loan Program offers features that make recovery from a disaster easier:

Eligibility:

• Program available to renters and homeowners of damaged homes.
• Credit score as low as 600 as well as borrowers with no credit (non-traditional credit).
• The purchased property must be a single family residence.
• The purchased property must be primary residence only.
• Eligible applicants include U. S. citizens, permanent resident aliens, Non-permanent resident aliens as allowed by HUD guidelines and Non-occupant co-borrowers.
• Applicant must proof prior residence is uninhabitable.

Benefits:

• No down payment is required.
• The borrower is eligible for 100 % financing.
• Closing costs and prepaid expenses can be paid through premium pricing or by the seller, subject to a 6 % limitation on seller concessions.
• Loans available with 10, 15, 20, 25, 30 year terms.
• Mortgage Payment on the destroyed residence located in a PDMDA excluded from the borrower’s liabilities IF borrower obtains information that the Borrower is working with the servicing Mortgagee to appropriately address their mortgage obligation; and apply any property insurance proceeds to the Mortgage of the damaged house.

 

Don't wait any longer and find out how much you can get Pre-Approved for.

If you have lost your primary residence due to a natural disaster, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.


Customers Reviews:

  • Samantha Perez • July 31, 2017

    Joan was amazing! He explained everything in detail so that we knew exactly where our money was going at all times and was ALWAYS available for answering questions. We will definitely be using his services again!

  • Rildon & Edis • May 04, 2017

    My wife and I had been trying to purchase a home for over two years and due to some other unforeseen issues we felt that that dream would never come true. I am grateful that we found Joan Gallardo with Clear Lending to make our dream come true. Joan was there every step of the way and two months after closing he is still there for us if we need anything or have any questions about our mortgage. Being first time buyers we were scared and nervous about the entire process but Joan made it as simple as possible and the whole experience was great. He gave us all the information we needed to make the home purchase that fit our needs and we could have not asked for a better mortgage lender. Our family is forever grateful for his hard and professionalism.

  • Hector Tovar • August 14, 2019

    FROM GOOGLE: Working with Joan and his staff was an awesome experience. He was always available and ready to answer any question. They helped us with a construction loan to build our dream house. They guided us step by step making it really easy to get the One-Time-Close Construction Loan. If you want to make your dream of building your own house come true, we strongly recommend Clear Lending to be your Loan Officer.

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