ORLANDO, Fla., Sept. 18, 2017 /PRNewswire/ -- Florida based lender FBC Mortgage, LLC ("FBC") announced it is offering a no down payment FHA loan program to those whose homes are deemed uninhabitable due to damages caused by Hurricanes Harvey and Irma.
The FHA 203(H) program is now available for current homeowners and renters whose homes are damaged beyond repair and are located in one of the presidentially declared disaster areas. The loan program does not require a down payment, and the seller can pay up to 6 percent of the purchase price in closing costs, leaving the buyer with little or no money required at closing.
Those who qualify for the 203(H) loan are able to purchase a home anywhere in the state, not just in the declared disaster areas. "We are headquartered in Florida and just opened up new offices in Texas, so many of our employees and customers were directly impacted by both Hurricanes Harvey and Irma. This special loan can provide some needed assistance to residences of those great states," says co-CEO Rob Nunziata.
In addition to the 203(H) program, FBC is also expanding its existing FHA 203(K) rehabilitation loan program to help borrowers make changes and renovations to their damaged homes, should they decide to repair or rebuild their current home. "The FHA 203(K) is one of the best rehabilitation programs on the market. We know the devastation the hurricanes caused and we want to give back and assist to the best of our ability in the best way we know how – with our helpful products and services."
Credit parameters are also flexible under the 203(H) program, making it easier to qualify for the loan. "We realize many people's credit scores were adversely affected because they were not able to return to work right away due to the storm's impact on homes, businesses, and cities," states Joe Nunziata, co-CEO of FBC. "Qualification guidelines still apply, however, the program allows for some flexibility in regards to credit for those who missed their regular bill payments because of not being able to work and earn their normal wages."
Those in need of the loan are encouraged to call to begin the loan process. Residents of Florida can call 866-229-9399 to find out more about the no down payment loan program. Texas residents can call FBC at 866-229-9223.
About FBC Mortgage
Founded in 2005 in Orlando, Florida, FBC Mortgage, LLC ("FBC") is a National Mortgage Lender headquartered in Orlando, Florida with branches and/or licenses in 44 states. FBC specializes in residential mortgage lending throughout retail and wholesale/correspondent divisions. FBC provides competitive rates on home loans (FHA, VA, Conventional, USDA), construction loans, and FHA 203k rehab loans. The award-winning company also specializes in refinancing home loans. Visit us on the web at www.fbchomeloans.com or call us at 1-866-413-2563 to schedule your free mortgage consultation.
Contact: Stephanie Simmons 407-377-0327
SOURCE FBC Mortgage, LLC