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This new payment relief program is a homebuyers dream!
How it works:
1st Year: 3% Rate Reduction
2nd Year: 2% Rate Reduction
3rd Year: 1% Rate Reduction
The FHA 203(h) program provides mortgages to victims of a presidentially declared major disaster for the purchase of a new home or expanded 203 (k) reconstruction for single-family properties.
The borrower’s EXISTING residence (owned or rented) must be located in a presidentially declared major disaster area and destroyed or damaged to such an extent that reconstruction or replacement is necessary. If the borrower is purchasing a new property, it does not have to be located in the same area as the disaster.
William B. Marumoto
Mortgage Loan Specialist
Mission Viejo, CA
949.534.0205
Have a question for our mortgage team? Send us a message and we’ll get back to you right away.