Federal government to speed disaster assistance to 5 Iowa counties impacted by storms, flooding
Several Iowa counties impacted by severe storms and flooding will be getting relief from the U.S. Department of Housing and Urban Development.
The U.S. Department of Housing and Urban Development (HUD) on Friday said President Trump issued a major disaster declaration for Fremont, Harrison, Mills, Monona and Woodbury counties. It will provide support to homeowners and low-income renters impacted by flooding.
As part of the plan, HUD is providing foreclosure relief and mortgage insurance and making information available about housing providers and HUD programs.
HUD's Section 203(h) program gives insurance to people whose homes have been damaged to an extent where reconstruction or replacement is necessary. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs.
The program also allows people who have lost their homes to finance or refinance the purchase 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," according to a release from HUD.