Governor Rosselló announces new federal opportunity for housing acquisition
(December 4, 2017 - La Fortaleza, San Juan) The governor of Puerto Rico, Ricardo Rosselló, announced the availability of the 203h Program, which allows for victims of a major disaster who have lost their residences and are in the process of rebuilding or acquiring another home, to obtain a mortgage.
The program is available through the Federal Housing Administration (FHA).
"After the devastation caused by hurricanes Irma and Maria, this program can serve as a tool to help stabilize the housing market. The 203h Program facilitates access to financing for the acquisition or reconstruction of a home for the most vulnerable people who suffered the devastating effects of the atmospheric events," said the governor.
To participate in the 203h Program, a deposit payment is not required, the new residence acquired does not have to be located in the Presidentially-Declared Major Disaster Area (PDMDA) where the previous home was located, and the borrower is not required to make the minimum required investment.
The secretary of the Puerto Rico Department of Housing, Fernando Gil, explained that "the offer of FHA 203h mortgage loans is part of the initiatives that governor Ricardo Rosselló has undertaken to facilitate and expedite the recovery process of Puerto Rico."
On the other hand, the executive director of the AFV, Edwin Carreras, stressed that "this is a unique opportunity that citizens should consider due to its great benefits. It is undoubtedly a unique financial product in its class and helps the victims—in areas identified as a disaster by the president—to recover by making it easier to obtain mortgages and become homeowners or reestablish themselves as such."
The term of the loan is for up to 30 years and the request must be submitted to the lender within one year of the PDMDA.
As for the properties, one-unit detached homes or FHA-approved established condominium projects are eligible for this program.
During the announcement, the secretary of State, Luis Rivera; the president of the Association of Mortgage Banks, Dimas Rodríguez; the president of the Puerto Rico Chapter of the Hispanic Real Estate, Eric Haddock; and the executive director of the Puerto Rico Association of Realtors, Eduardo Santos, were also present.