HUD Provides Disaster Resources To Colorado Wildfire Victims
President Obama’s major disaster declaration will allow U.S. Housing and Urban Development (HUD) to offer foreclosure relief and other assistance to certain families living in El Paso and Larimer Counties who have been affected by the Waldo Canyon and High Park fires.
HUD Secretary Shaun Donovan says his department hopes to help homeowners and low-income renters who have been displaced by the wildfires.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process. Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”
Granting immediate foreclosure relief (.doc) - HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages.
Making mortgage insurance available - 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 rehabilitation - 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.
Offering Section 108 loan guarantee assistance - HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.