Open Mortgage launches Florida Recovery Program to help families, homeowners affected by Hurricane Ian
Open Mortgage announced today a new program offering Florida homeowners and families in Hurricane Ian’s disaster area numerous options to replace, renovate or upgrade their homes with affordable, flexible financing options that, in many cases, can be approved with no money down.
“Florida is home to 9 of our branch offices and dozens of our teammates, many of them directly in the storm’s path,” said Open Mortgage CEO Scott Gordon. “We’re proud to be back open for business in all the communities we serve and eager to educate our neighbors on the options available for rebuilding after the storm.”
If you live in any of the 20 counties declared a disaster area, you may qualify for the following programs:
No Money Down | FHA 203(H)
- Allows residents located in the 20 Florida counties declared a disaster area to purchase a home with zero money down, including those who are currently renters.
- Residents may be eligible if their current home, whether owned or rented, was affected by the storm.
- Residents may use this program to purchase a home in Florida or anywhere else in the United States.
Helping Veterans Rebuild | VA Renovation Loan
- Allows men and women who have served or are serving in the Armed Forces to renovate and rebuild homes with zero money down.
- No loan limits, so borrowers can receive as much as their credit/income will allow.
- Program does not require proof that current residence was destroyed in a disaster, and all veterans are eligible.
Program for Seniors | Home Equity Conversion Mortgage
- Seniors age 62 and older can use a HECM loan to purchase a new home.
- Allows for homeowners to use insurance payouts and other cash to buy a home with a 50% cash down payment and eliminate monthly mortgage payments.
- HECM for Purchase loans are government insured and require third-party counseling and other qualifications.
Insurers are anticipating damages in Florida resulting from wind, storm surge, and flooding to account for anywhere between $42 and $57 billion in losses, according to risk modeling firm Verisk, with the potential of reaching upwards of $60 billion. These projections would put Hurricane Ian as one of the 10 costliest storms in the nation’s history.
“Floridians are proud and resilient — we are rebuilding with a resolve to make our communities stronger than ever,” said Rick Sandon, branch manager in Lutz, Florida. “We’re honored to play a small part in helping Realtors and homebuyers access the information they need about the programs available to support our recovery.”
Open Mortgage has nine branches operating out of Florida and has served thousands of clients in the affected communities.