Bounce Back Program for Hurricane Victims

There are few things more devastating than losing your home or walking through the damage caused by a fierce display of Mother Nature. Even though you have a million different tasks to think about, you can count on us to make one of those items less stressful.

Our Bounce Back mortgage program is designed to assist homeowners who have sustained a major loss in a federally-declared disaster area like those who were hit by Hurricane Florence or Hurricane Michael. 

What You Need to Know

The 203(h) mortgage program is insured by the Federal Housing Authority (FHA) to help families rebuild their lives by buying or repairing a home. This financing includes several features that make it easier to qualify for a mortgage in spite of the difficulties you’re currently facing. Here are a few important details about the program:
  • No down payment is needed. Eligible borrowers can qualify for 100% financing. However, closing costs and prepaid expenses are generally due upfront.
  • FHA mortgage insurance is required. Ask your Stearns lender if you will pay this upfront and/or on a monthly basis as part of the financed amount.
  • HUD establishes borrowing limits. You may view the current FHA mortgage limits on the U.S. Department of Housing and Urban Development website.
  • Lower FICO score requirements. We’re able to offer this FHA-insured program to those who have a minimum FICO score of 580.
  • New home site flexibility. This financing doesn’t require that you rebuild in the same location.
  • No property age restrictions for repairs. Homes of any age can qualify for repair financing.
  • Your refinance includes existing loan balance. The 203(h) program combines your existing mortgage balance with the new funding needed for repairs, so you’ll only have one payment to make each month.
Stearns Lending, LLC is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government.


- By Stephanie Clark , Oct 15, 2018