November 8, 2016
Last month, we reported on a HUD press release announcing relief for victims of Hurricane Matthew. That relief was offered in four states; North and South Carolina, Florida, and Georgia.
Now, HUD has announced the same kind of relief for those who live in Virginia and are dealing with the aftermath of Hurricane Matthew. According to the HUD press release, “The U.S. Department of Housing and Urban Development announced today it will speed federal disaster assistance to the Commonwealth of Virginia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew.”
The release adds, “President Obama issued a disaster declaration for the cities of Chesapeake, Newport News, Norfolk, and Virginia Beach. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county” according to HUDNo.16-166.
The following assistance is available to affected home owners living in the areas mentioned above:
Federal resources toward disaster relief: The press release announced, “HUD’s Community Development Block Grant (CDBG) and HOME programs give the State and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims. HUD is currently contacting State and local officials to explore streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing”
Immediate foreclosure relief: the HUD official site announced a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages;
Section 203(h) Program: Section 203 loans provide FHA mortgage insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs, according to the FHA/HUD official site.
FHA/HUD Making insurance available for both mortgages and home rehabilitation: According to the press release, “HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home”.
Other assistance may be available, and home owners are also encouraged to reach out to FEMA to learn what additional help may be available in these affected areas.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
Browse by Date: