FHA 203(h) Disaster Relief

When disaster strikes, know your options when rebuilding your home or purchase a new one with this government-backed loan. 

We offer: 

  • No processing or underwriting fees
  • Up to $500 credit towards closing1 for Farm Bureau Members
Apply Now: FHA 203(h) Disaster Relief Contact a Loan Consultant: FHA 203(h) Disaster Relief

Benefits and Eligibility:

  • No down payment is required
  • May be used for purchase or no cash-out refinance
  • Maximum loan to value is 100% of the Adjusted Value
  • Required to pay mortgage insurance
  • Previous residence (owned or rented) must have been located in a Presidentially-Delcared Major Disaster Area [PDMDA] and destroyed or damaged to such an extent that reconstruction or replacement is necessary
  • A list of the specified affected counties and cities and corresponding disaster declarations are provided by the Federal Emergency Management Agency [FEMA]
  • The purchased or reconstructed property must be a single family property or a unit in an FHA-approved Condominium Project, that is a primary residence. No manufactured homes

Who Should Use a 203(h) Loan?

Anyone whose home has been destroyed or severely damaged in a Presidentially declared disaster area is eligible to apply for this program.

Understanding FHA Mortgage Insurance 

FHA loans require the payment of mortgage insurance. There are two parts of FHA's mortgage insurance: a one-time upfront mortgage insurance premium [UFMIP] paid at closing, and annual mortgage insurance premiums [MIP]. The UFMIP is 1.75% of the purchase price of the home, and can sometimes be rolled into the total loan amount. The MIP is typically between 0.15% and 0.75% of the loan amount and is broken up among your monthly mortgage payments.

If an FHA borrower chooses to refinance into a conventional mortgage later, they may be eligible to eliminate the monthly mortgage insurance requirement.

Special Offer
Farm Bureau Members receive up to $500 towards closing1, plus no processing or underwriting fees
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1 This offer must be mentioned at time of application, which extends a credit of up to $500 applied at the time of closing. Offer excludes the “One-Time Construction” loan product. Borrower is responsible for closing costs incurred if the loan does not close and/or is not funded by Farm Bureau Mortgage, LLC. A borrower may not use this offer to obtain a refund for closing costs in the event that a loan fails to close or fund. This offer cannot be used with any other discount or promotion. This offer applies to mortgage applications and is subject to change without notice.

Farm Bureau, FB, and the FB National Logo are registered service marks owned by and used by Farm Bureau Mortgage under license from the American Farm Bureau Federation. Farm Bureau Mortgage is a service-to-member institution which provides mortgage services to Farm Bureau members and others in participating states. See Affiliated Business Arrangement Disclosure for more details.

NMLS ID 2122423. Visit Licensing or NMLS Consumer Access for details.