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FHA Disaster Victims Loan

For the most up to date list of disaster declarations (Click Here)



The Section 203(h) program allows for mortgages to victims of a major disaster who have had their homes substantially damaged (even if they were renting it) and would like to purchase a different home to occupy.

The program helps victims in Presidentially designated disaster areas recover by making it easier for them to purchase a new home to occupy if their existing home is affected by the disaster. The new mortgages may be used to finance the purchase of a one-family home that will be the principal residence of the applicant.

The applicant is eligible for 100% financing. Therefore, no down payment is required. Closing costs and prepaid expensed must be paid by the applicant, paid through premium pricing or by the seller, subject to a 6% limitation on seller concessions.

  • Purchase transactions ONLY
  • No minimum loan amount
  • 10, 15, 20, 25 and 30 year fixed ONLY
  • No down payment is required
  • One-unit homes only.
  • 620 minimum qualifying credit score
  • Fully Amortizing
  • Qualifying income ratios 31/43. (The existing housing payment may be ignored with acceptable documentation.)

The application must be dated within one (1) year of the President’s declaration of the disaster

If rehabilitation of a damaged property is required, please see our 203k loan program guidelines.
The program is available to applicants once the President declares the disaster, and remains available to applicants for one year from the date of the declaration.

Is your property listed in a presidentially-declared disaster area? The FEMA information can be found here (click here).

The Federal Emergency Management Agency (FEMA) provides listings of the:
• Specific affected counties and cities, and
• Corresponding disaster declaration dates



1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (470) 839-8777
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A Georgia Residential Mortgage Licensee #32549
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