Natural Disaster Mortgage Options

Published by Robert W. Huntley, CFP®, CHFC and Lori Anderson

Many people are dealing with losses and looming repair expenses from hurricane Harvey and Irma. That leads to questions about loan options.

We asked local expert Lori Anderson with Georgetown Mortgage to explain the options in this blog.

Please forward to or share with anyone you think might benefit from this information.

Robert W. Huntley, CFP®, CHFC


Natural Disaster Mortgage Options by Lori Anderson


All of us know someone either directly affected by Hurricane Harvey or have a family member or friend affected.  The devastation caused by this storm was terrible and wide spread; not to mention the heavy rains that we all experienced here in Texas.

While damages are being assessed, one might feel overwhelmed and stressed not knowing where to turn for help.

One of the biggest uncertainties is understanding your options for repairs or mortgage financing so that you can rebuild and put your life back together.  Whether you choose to rebuild your existing home or buy a new one, here are some possibilities for someone who is in need:

  • A good option that not many people know about is a loan designed for victims that survive major disasters.  Through Section 203(h), the federal government helps victims in presidential designated disaster areas by providing financing for a mortgage to either become a new homeowner or re-establish themselves as homeowners.  This loan is commonly called the FHA 203(h) loan and is available to anyone whose home has been destroyed or damaged in a declared disaster area, whether the home they were in was a rental or they owned it.  The biggest benefit this loan offers is 100% financing. In other words, NO DOWN PAYMENT.  The funds from this loan can be used to purchase a new home or can fund the rebuilding of their current home.  This can be a huge help for those starting over after a natural disaster.
  • FHA also offers a 203(k) renovation or rehabilitation loan.  These loans don’t require the borrower to be from a major disaster area, but they work somewhat the same way by allowing a borrower to include improvements or repairs in with a purchase or refinance of a home.  This loan also works great when you want to turn that fixer upper house into a beautiful home for a family all in one transaction.
  • If either of these loans aren’t what you are looking for, a traditional cash out equity loan or home improvement loan might be right for you.  These loans are excellent ways to get money for just about anything.  These two types of loans are also perfect as second liens behind your first mortgage, especially if your first mortgage has a fantastic rate.


While I sure don’t want to think of anyone having to be in the position of needing financing to help rebuild after flooding or storm damage, I do want to spread the word that there are options out there to explore for all situations.

Getting a professional involved during your planning stages not only educates you on the ins and outs of different loan products; it will explain the prequalification and eligibility guidelines for all financing options in layman’s terms.

I am here to help in any way possible so that you make smartest decision possible for you and your family.


Lori Anderson | NMLS #475468

Team Lead | Loan Officer

Georgetown Mortgage

Cell:  512-577-7930

Email: [email protected]

All loans subject to underwriting approval.  Certain restrictions apply and for principal single-family residences only.  Equal Housing Lender

Georgetown Mortgage is not affiliated with CWM, LLC and Cetera. CWM, LLC and Cetera do not offer Mortgage services.

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