FHA Zero Down Payment 203(h) Loan

203(h) Basic Guidelines

Eligible Properties must be a single-family residence, Primary Residence, Manufactured Housing, FHA approved Condos and PUDs.

Maximum Loan-to-Value Ratio: 100% of adjusted value

Closing Cost Credit up to 6% (standard) allowed

Fico Score: 620 preferred, but may go down to 580

 

Section 203(h) Program Eligibility Requirements

The applicant’s residence must have been in a Presidentially- Declared Major Disaster Area (PDMDA).


The applicant’s residence must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary.

 
Refer to the Federal Emergency Management Agency’s (FEMA) website for areas affected and declaration dates at: www.fema.gov/disasters. ― Disaster declarations can be found under the “Navigation” tab.

 
The FHA case number must be assigned within one year of the date the PDMDA is declared, unless an additional period of eligibility is provided.


Previous residence (owned or rented) must have been located in a PDMDA and destroyed or damaged to such an extent that reconstruction or replacement is necessary.


The purchased or reconstructed property must be a single-family property or a unit in an FHA-approved Condominium Project.


The new residence being purchased does not need to be located in the PDMDA where the previous house was located.



Other conditions apply.

 
To Apply or to be Pre-Approved, click the link below
 


Apply Now

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