The Federal Housing Administration will be offering 100% financing and other types of mortgage relief for victims of Oklahoma’s deadly tornado that hit Monday.
The disaster left dozens dead and stretches of homes, schools and public buildings flattened, according to reports. It has been one of the US’s deadliest tornadoes, reports indicated.
President Obama announced Tuesday a federal disaster, authorizing immediate special mortgage and housing relief for those affected.
-approved lenders are now authorized to offer HUD’s 203(h) loan program to victims who have lost their home, which provides 100% financing, and HUD's 203(k) for existing borrowers who need to repair or finance the rehabilitation of their home.
Insurance payments of FHA-insured mortgages will go directly to borrowers for relief, rather than to satisfy existing mortgage debt.
Lastly, HUD’s Community Development Block grant will be directing millions of dollars to Oklahoma state and its communities to address housing repair and replacement.