Disaster Recovery

Disaster Recovery Information

Our hearts are with all those impacted by Hurricane Sally. We’re here to help.

FHA 203(h) Disaster Relief Loan

Overview: For disaster victims whose primary residence within a Presidentially-Declared Major Disaster Area (PDMDA) was destroyed or damaged to such an extent that reconstruction or replacement is necessary. The FHA 203h disaster loan allows these victims to more easily purchase a Single Family Property as their new principal residence.

Features

  • Purchase a home for primary residence to replace your flood damaged home.
  • 100% Financing Available.
  • No Down Payment required.
  • Max LTV 100% of the adjusted value.
  • Options available for no out-of-pocket expense.
  • 15 and 30 year fixed terms available.
  • FHA-approved condominium projects eligible
  • New residence can be located in any jurisdiction (across county or state lines)

Eligibility

  • 640 minimum FICO score, lender standards may also apply
  • Your previous residence (owned or rented) must have been located in a Federally Declared Disaster Area and be destroyed or damaged to such an extent that reconstruction or replacement is necessary.
  • Loan file must include evidence borrowers previous home was destroyed in disaster.
  • The purchased property must be a Single Family Property or a unit in an FHA-approved Condominium Project.
  • These loans are for principal residences only. There is an occupancy requirement for the FHA 203(h).
  • Generally borrowers have up to one year from the date the disaster area was declared

Flood Insurance – If You Have Flood Insurance:

  1. Use the Emergency information, resources and special offers available on this page.
  2. Make a claim with your insurance carrier.
  3. Contact FEMA for additional assistance options at www.DisasterAssistance.gov or 1-800-621-FEMA (3362) 7:00 a.m. to 10:00 p.m. (local time) seven days a week.
  4. Contact U.S. Small Business Administration (SBA) for additional assistance options available for both impacted businesses and residents. More info is available at www.sba.gov/disaster.
  5. Work with insurance claims adjuster and agree to final settlement amount with your insurance carrier.GMFS will also be listed on your insurance claim check and therefore require our endorsement. This is due to both federal regulations and your mortgage agreement to ensure your property is restored back to normal as soon as possible.
  6. To obtain your insurance claim final settlement funds as quickly as possible create a profile at www.InsuranceClaimCheck.com. Use this site to access required forms, upload documents, request inspections and track your claim status.

If No Flood Insurance:

  1. Contact FEMA for additional assistance options at www.DisasterAssistance.gov or 1-800-621-FEMA (3362) 7:00 a.m. to 10:00 p.m. (local time) seven days a week.
  2. Contact U.S. Small Business Administration (SBA) for additional assistance options available for both impacted businesses and residents. More info is available at www.sba.gov/disaster.
  3. Use the Emergency information, resources and special offers available on this page.

FEMA Assistance for Homeowners – Things that are Covered – https://www.fema.gov/assistance/individual/program 

FEMA’s Individuals and Households Program (IHP) provides financial and direct services to eligible individuals and households affected by a disaster, who have uninsured or under-insured necessary expenses and serious needs. IHP assistance is not a substitute for insurance and cannot compensate for all losses caused by a disaster. The assistance is intended to meet your basic needs and supplement disaster recovery efforts.

IHP Assistance may include:

  • Funds for temporary housing while you are unable to live in your home, such as rental assistance, or reimbursement for hotel costs
  • A temporary housing unit, if approved for the disaster, when you are not able to use rental assistance due to a lack of available housing resources
  • Funds to support the repair or replacement of owner-occupied homes that serve as the household’s primary residence, including privately-owned access routes, such as driveways, roads, or bridges
  • Funds for other uninsured or under-insured disaster-caused expenses and serious needs, such as repair or replacement of personal property and vehicles, or funds for moving and storage, medical, dental, child care, funeral, and other miscellaneous items approved by your state, territory, or tribal government

Households – https://www.fema.gov/assistance/individual/housing 

The following types of assistance may be provided by FEMA’s Individuals and Households Program.

  • Temporary Housing Assistance: Financial assistance to homeowners or renters to rent a temporary place to live if your home is unlivable because of the disaster, and you have no insurance coverage for temporary housing. If there no rental properties are available, as a last resort, a government housing unit may be provided in some areas.
  • Lodging Expenses Reimbursement: Reimbursement of hotel expenses for homeowners or renters for short periods of time due to inaccessibility or utility outage, if not covered by insurance or any other program.
  • Home Repair: Financial assistance to homeowners to repair disaster-caused damage to their primary residence, when the damage is not covered by insurance, to make the home safe, sanitary, and fit to occupy.
  • Home Replacement: Financial assistance to homeowners to help replace their home destroyed in the disaster, when the damage is not covered by insurance.
  • Permanent Housing Construction: Direct or financial assistance for the construction or repair of a home. This type of help occurs only in certain unique cases where no other type of housing assistance is possible.

Other Needs Assistance – Financial assistance is available for necessary expenses and serious needs directly caused by the disaster, including:

  • Child-care expenses
  • Medical and dental expenses
  • Funeral and burial expenses
  • Damages to essential household items (room furnishings, appliances); clothing; tools (specialized or protective clothing and equipment) required for your job; necessary educational materials (computers, schoolbooks, supplies)
  • Fuel for the primary heat source (heating oil, gas)
  • Clean-up items (wet/dry vacuum, dehumidifier)
  • Damage to an essential vehicle
  • Moving and storage expenses caused by the disaster. This is moving and storage of essential household goods to prevent further damage, such as ongoing repairs, and returning property to the applicant’s primary residence.
  • Other necessary expenses or serious needs as determined by FEMA

Properties Pending Inspections Required to Close

  • Conventional loans will need a realtor or the borrowers to take time-stamped photos of the front and rear of the property. The borrowers will then sign an attestation form that there is no damage to the property and can proceed with closing as scheduled.
  • FHA/USDA/VA loans will ALL need a 1004D-Disaster Final Inspection done, which must be completed by an appraiser.