Get a 100% financing on your next purchase if your rental or home has been damaged and your county is considered a disaster area

DDA Mortgage • October 10, 2022

If you're a homeowner in the path of a hurricane, you may be wondering how to get the money to rebuild and restore your home. Insurance can take time and you may want to build back bigger and better!


But what's the first step?


Start by learning more about the various loan programs available that could help you get back on your feet quickly.



The FHA 203H Home Loan For Purchasing After A Hurricane


Since you weren't planning on buying a home, you might not have much cash in reserves. The FHA 203H was designed with this in mind.


The FHA 203H mortgage program helps you buy another home while your home is being rebuilt or while you sell. As a buyer, you can finance 100% of the purchase of a new home with an FHA 203H loan.


As a buyer, you have the option to buy the home with no money down, and have the seller cover the closing costs. Best of all, your current mortgage payment is not counted when we calculate your debt-to-income ratio.



The FHA 203K Home Loan For Home Repairs After A Hurricane


Another great post-disaster home loan is the FHA 203K mortgage program. This program provides 96.5% financing to homeowners who have been impacted by a disaster. You can use this money to repair or replace your home's damaged or destroyed parts and make necessary changes so that it meets current building codes.



The FHA 203H Home Loan For Renters After A Hurricane


If you lost your rental property to a hurricane, you might find yourself in a great position to buy!


The FHA 203H program offers 100% financing, which means you can buy a home without putting any money down. This program even offers 6% seller assistance to renters who are looking to buy a home post-hurricane.


The other great thing about this program is that it's available even if you've been renting for less than three years. The FHA 203H program is perfect for people who have been displaced by hurricanes and need somewhere safe and affordable to live while they rebuild their lives.



Next Steps


The FHA 203H and other disaster relief programs are great! But you have to qualify for these loans. If you qualify depends on several factors and individual circumstances.


Contact us today at (727) 784-5555. and tell us about your homeownership goals. We will be able to help you qualify for an FHA 203H or another loan program that better fits your needs.


Want to ask us a question about the FHA 203 loan? Use the form below to contact one of our mortgage specialists.

Ask a Question

Use the form below and we will give your our expert answers!

203H Ask A Question

Start Your Loan with DDA today
Your local Mortgage Broker

Mortgage Broker Largo
See our Reviews

Looking for more details? Listen to our extended podcast! 

Check out our other helpful videos to learn more about credit and residential mortgages.

Wade Pfau: how market volatility could renew reverse mortgage discussion

By Didier Malagies • April 15, 2025
Wade Pfau, a leading voice in retirement income planning, has long advocated for the strategic use of reverse mortgages —and current market volatility could reignite interest in this often misunderstood tool. 🔁 Why Market Volatility Renews Reverse Mortgage Talks In times of market downturn, retirees face sequence of returns risk , meaning early losses can severely impact the longevity of their portfolio. Pfau suggests that reverse mortgages , particularly Home Equity Conversion Mortgages (HECMs) , can act as a buffer asset to avoid selling investments at a loss. Here's how: During market dips , retirees can pull funds from a reverse mortgage line of credit instead of their investment accounts. This gives their portfolios time to recover before resuming withdrawals. Result : More sustainable income and potentially greater long-term financial security. 🧠 Shift in Strategy: Not Just a Last Resort Pfau argues that reverse mortgages should be considered early in retirement planning , not just as a last-ditch effort: Opening a HECM line of credit early can grow over time due to the compounding credit line. Provides flexibility and tax-efficient access to funds. Helps retirees coordinate income sources between portfolio withdrawals, Social Security, and home equity. 👓 Changing Advisor Perspectives Financial advisors—previously skeptical—are beginning to see reverse mortgages in a new light: Volatile markets have prompted a more open-minded view among planners. More are incorporating reverse mortgages into holistic retirement income strategies . Bottom line : Market volatility doesn’t just threaten retirement—it also opens the door to rethinking traditional strategies . As Pfau puts it, home equity is too significant a resource to overlook, and when used wisely, reverse mortgages can enhance retirement resilience

Questions frequently asked about on job history and funds to close when getting a mortgage

By Didier Malagies • April 14, 2025
Are you a salaried employee, hourly, self-employed, or a contractor? Do you receive bonuses, commissions, or overtime? How consistent is that income? Can you provide recent pay stubs, W-2s, or tax returns? Self-Employment (if applicable): How long have you been self-employed? Can you provide two years of business tax returns and profit/loss statements? 🔹 Funds to Close Questions Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include: Source of Funds: How much money do you have saved for the down payment and closing costs? Where are these funds coming from (savings, checking, retirement account, gift, etc.)? Are you receiving any gift funds? If so, from whom? Asset Documentation: Can you provide bank statements from the past 2–3 months? Are there any large or unusual deposits? Can you explain them? Reserves: Do you have additional savings left after closing (reserves)? Can you show evidence of other assets (stocks, bonds, retirement)? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

What are the benefits of having a Reverse Mortgage

By Didier Malagies • April 10, 2025
Yes, the reverse mortgage market is projected to experience growth in 2025. Analyses indicate that the market size will increase from $1.79 billion in 2024 to $1.92 billion in 2025, reflecting a compound annual growth rate ( A reverse mortgage can be a useful financial tool for certain homeowners, especially older adults looking to access home equity without selling their home. Here are the key benefits of a reverse mortgage: 🏡 1. Access to Home Equity Without Selling You can tap into your home's equity and receive funds as a lump sum , monthly payments , or a line of credit , without having to sell your home or move out. 👴 2. No Monthly Mortgage Payments Unlike a traditional mortgage, you don’t make monthly payments . Instead, the loan is repaid when you sell the home, move out permanently, or pass away. 💵 3. Flexible Payout Options You can choose how to receive the funds: Lump sum Monthly payments (tenure or term) Line of credit Or a combination This flexibility helps match your financial needs. ✅ 4. Stays in Your Name You retain ownership of your home, and as long as you meet the loan requirements (like maintaining the home and paying property taxes/insurance), you can continue to live there. 🛡️ 5. Non-Recourse Loan You (or your heirs) will never owe more than the home is worth . If the home’s value drops below the loan balance, the FHA insurance (if it's a HECM—Home Equity Conversion Mortgage) covers the difference. 👨‍👩‍👧‍👦 6. Heirs Have Options When you pass away, your heirs can: Repay the loan and keep the home Sell the home and keep any remaining equity Walk away if the loan balance exceeds the home’s value  💰 7. Supplement Retirement Income Reverse mortgages can provide a source of income during retirement, helping cover expenses, delay Social Security, or preserve investments. Would you like a quick rundown of the downsides too, just so you have the full picture?
Show More