WASHINGTON, D.C. (WTXL) -Â Federal officials say they offering foreclosure protection toÂ homeowners and low-income renters forced from their homes due to Hurricane Irma.
TheÂ U.S. Housing and Urban Development announced Wednesday that they are speeding federal disaster assistance to the State of Florida.
This week, President Trump issued aÂ major disaster declarationÂ for Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns counties.
As a result of his declaration, Â HUD is offering assistance to those affected areas:Â
- Granting immediate foreclosure reliefÂ â€“ HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 280,000 FHA-insured Florida homeowners living in these impacted counties.
- Making mortgage insurance availableÂ â€“ HUD’s Section 203(h) program provides FHA 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;
- Making insurance available for both mortgages and home rehabilitationÂ â€“ 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;
- Information on housing providers and HUD programs â€“ The Department will share information with FEMA and the State on housing providers that may have available units in the impacted counties.Â This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.
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