According to the latest press release from HUD, Hurricane disaster victims now qualify for no down mortgages. These zero down government backed mortgages may be used to rebuild in any state should the person wish to relocate their home.
Borrowers must be able to qualify for FHA mortgages, which are generally easier to qualify for than those on the private market, but they will not have to put any cash down to purchase the property. In addition, the FHA mortgage insurance premiums can be financed into the mortgage amount, so only minimal closing costs would be required.
Related stories: Disaster Mortgage