What are the benefits of FHA mortgage insurance?
Lenders are more willing to loan funds to borrowers with mortgages that are insured with FHA. Individuals who have had a financial setback and have problems qualifying for a mortgage in the private sector may qualify under FHA. More importantly, the lender is required to work with FHA borrowers that have been unable to make their mortgage payment for reasons such as job loss or illness. Under certain circumstances, FHA will make payment(s) on behalf of the homeowners so that they can keep their home. In exchange, the homeowner signs a note with FHA to cover those payments. How can I apply for a FHA insured 203(h) mortgage? The borrower must apply for an FHA insured mortgage within one year of the President’s declaration of the disaster. Applications are made through an FHA approved lender. You can find a list of lenders online at HUD’s website at: www.hud.gov/ll/code/llslcrit.html For More Information on 203(h): Contact the HUD National Servicing Center Hotline at: 1 (888) 297-8685 Wha
