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Mortgage Insurance_Homes for Disaster Victims

Mortgage Insurance_Homes for Disaster Victims
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ASSISTANCE CONSIDERATIONS
    · Length and Time Phasing of Assistance
        The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable for a 30-year term and the property was constructed subject to HUD or VA inspection.
    · Formula and Matching Requirements
        The maximum amount of the loan is 100 percent of the HUD estimated value. No downpayment is required. As of July 1, 1991, risk-based mortgage insurance premiums will be collected including: 1) An up-front premium which may be financed and 2) a periodic premium which is paid monthly. The origination charge by the mortgagee varies, but may not exceed one percent of the total mortgage. Mortgagors may be charged appraisal and inspection fees in accordance with fee schedules established by HUD.

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