WASHINGTON (CBSDFW.COM) – The U.S. Department of Housing and Urban Development (HUD) announced Monday, Feb. 22, the implementation of federal disaster assistance for the State of Texas to provide support to homeowners and homebuyers in areas affected by severe winter storms last week.
On February 19, 2021, President Joe Biden issued a major disaster declaration for 77 Texas counties including, Collin, Dallas, Denton, Ellis, Hood, Johnson, Kaufman, Palo Pinto, Parker, Rockwall, Tarrant, Van Zandt and Wise Counties.READ MORE: ERCOT Shuts Down Wholesale Electricity Provider Griddy In Texas
The President’s declaration allows HUD to offer foreclosure relief and other assistance to impacted families living in these counties.
Effective immediately, HUD is:
* Providing immediate foreclosure relief – HUD’s automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the Texas counties covered under the Presidential declaration on the date of the declaration. Additionally, borrowers who cannot make their mortgage payment, are urged to call their loan servicer, the entity to which they make their mortgage payment.
* Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims whose homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary. For those that are facing the daunting task of rebuilding or buying another home, Section 203(h) allows eligible borrowers to receive 100 percent financing, including closing costs.READ MORE: Texas Lawmakers Call On Public Utility Commission Chair To Resign
* Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. For a list of HUD-approved lenders in your area, use our online search tool.
* Ensuring HUD-approved housing counseling agencies are ready to assist – HUD-approved housing counseling agencies have counselors available to assist those who are impacted by natural disasters to determine assistance needs and available resources. Find a HUD-approved housing counseling agency.
* Making information on housing providers and HUD programs available – The Department will share information with the Federal Emergency Management Agency (FEMA) and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and owners of HUD-assisted multifamily properties. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.Plumber Shortage, Supply Chain Issues Delay North Texas Winter Storm Repairs