Mortgage Insurance-Homes for Disaster Victims (14.119)

Program

14.119 Mortgage Insurance-Homes for Disaster Victims

Federal Agency

Agency: Department of Housing and Urban Development
Office: Office Of Housing-federal Housing Commissioner

Authorization

National Housing Act.

Program Number

14.119

Last Known Status

Active

Objectives

To help victims of a major disaster undertake homeownership on a sound basis.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of a borrower that is a victim of a major disaster. The maximum insurable loan for such an occupant mortgagor is the same as prescribed for Section 203(b) (14.117). Disaster victims are not required to meet the 3 percent minimum investment requirements. In order to qualify for assistance, the formerly occupied home must have been in an area designated by the President as a disaster area, and it must have been destroyed or damaged to such an extent that reconstruction or replacement is necessary.

Eligibility Requirements

Applicant Eligibility

Anyone that is a victim of a major disaster as designated by the President is eligible to apply.

Beneficiary Eligibility

Families or individuals that are victims of a major disaster as designated by the President.

Credentials/Documentation

Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. An FHA-approved lender submits the application for review and approval or disapproval to the local HUD Field Office. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.

Award Procedure

Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD approved lending institution. In addition, certain lending institutions have been approved to review applications and issue an approval or rejection, without additional HUD intervention. This program is referred to as Direct Endorsement. This program is excluded from coverage under OMB Circular No. A-110.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Varies.

Appeals

HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable for a 30-year term and the property was constructed subject to HUD or VA inspection. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.

Program Accomplishments

Not Applicable.

Financial Information

Account Identification

86-4587-0-3-371.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $0; FY 09 est $0; FY 10 est $0 - Reported Under 14.117 for FY 08,
FY 09, and FY 10.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

None. Persons are encouraged to contact the Homeownership Center serving their State, or the nearest local HUD Office. See Catalog Address Appendix IV for a list of offices.

Headquarters Office

Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: wanda.sampedro@hud.gov Phone: 2024022324

Web Site Address

http://www.hud.gov/offices/hsg/sfh/ins/singlefamily.cfm

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.