New FHA Guidance For Disaster-Affected Homeowners In The Wake Of Hurricanes Helene And Milton

(MENAFN- EIN Presswire) We're here to support homeowners as they tackle the FHA's disaster relief programs, ensuring that every step of the process is handled with care and diligence.” - Dana HendrixBATON ROUGE, LA, UNITED STATES, October 31, 2024 /EINPresswire / -- In response to recent guidance issued by the federal housing Administration (FHA) concerning mortgage relief options for borrowers in areas affected by Hurricanes Helene and Milton, DSLD Mortgage is reaffirming its commitment to assisting homeowners in navigating the available loss mitigation options. This new directive aims to support homeowners and senior borrowers engaged in FHA lending programs in federally declared major disaster areas (PDMDAs).

The FHA's notice, which applies to both traditional forward mortgages and Home Equity Conversion Mortgages (HECMs), provides lenders and borrowers with clear guidance on managing origination and servicing issues. Properties in PDMDAs with pending loans or endorsements will require damage inspections conducted by FHA-approved appraisers to ensure compliance and streamline the loan process.

“DSLD Mortgage understands the immense challenges that our clients and communities face in the aftermath of Hurricane Helene,” said Dana Hendrix, Senior VP of Finance at DSLD Mortgage.“We are here to support homeowners as they tackle the FHA's disaster relief programs, ensuring that every step of the process is handled with care and diligence.”

The FHA's guidance includes several key elements for affected homeowners, including:

A 90-Day Moratorium on Foreclosures: FHA has implemented a 90-day moratorium on foreclosures of FHA-insured mortgages, with an additional 90-day extension for HECM foreclosure timelines. This gives homeowners critical time to assess their situation and work on rebuilding without the immediate threat of foreclosure.

Forbearance Options for Borrowers: Homeowners in PDMDAs may be eligible for either formal or informal forbearance assistance while they address home repairs and financial challenges. Formal forbearance periods are determined based on the estimated time needed to complete home repairs, and borrowers will not accumulate more than 12 months of principal, interest, taxes, and insurance (PITI) arrearages during the forbearance period.

Inspection and Repair Requirements: For properties with pending loans in disaster-designated areas, an FHA-approved appraiser must complete a damage inspection report. This ensures that licensed contractors restore the property to pre-loss condition.

In conjunction with the FHA's efforts, the U.S. Department of Housing and Urban Development (HUD) has also announced additional measures to support recovery, including mortgage insurance through the Section 203(h) program for disaster victims and Section 203(k) loans for rehabilitation financing. These programs will help homeowners rebuild and recover, reinforcing the resilience of communities affected by Hurricane Helene.

“DSLD Mortgage is committed to being a trusted partner for our clients as they work through these difficult times,” Dana Hendrix added.“Our team is ready to guide homeowners through the available FHA options and ensure they receive the support they need.”

Homeowners are encouraged to contact DSLD Mortgage's customer support team at 844-375-3684 or visit the website at for more information on disaster relief options and assistance programs.

About DSLD Mortgage
DSLD Mortgage is a full-service mortgage lender dedicated to providing personalized service and expert guidance to help individuals and families achieve their homeownership goals. With a focus on FHA lending programs and a commitment to community support, DSLD Mortgage stands by its clients through every stage of the home financing process, especially during times of crisis.
For more information, please contact:

Dana Hendrix
Senior VP of Finance
DSLD Mortgage
844-375-3684
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Dana Hendrix
DSLD Mortgage
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