Reaffirming our commitment to you and Puerto Rico, at Popular Mortgage we support you by offering new financing solutions to buy or repair your home after the hurricane.
FHA 203h Loan1:
Buy or refinance up to 100% of your home’s value, with more flexible qualification parameters. This loan is available for a limited period for areas declared disaster zones.
FHA 203k Loan1:
Buy or refinance to repair damages and make improvements up to $35,000. Finance up to 110% of the projected appraisal in residential properties.
HomeStyle Conventional Loan (Fannie Mae)2:
Buy or refinance a property that needs improvements or repairs. This loan is available for primary residences and second homes or investment properties. You have up to 3 months after closing to complete the repair work.
Conventional Non-Conforming BPPR Disaster Relief Loan3:
Refinancing or second mortgages for clients with loans in Banco Popular's portfolio, and whose properties were damaged and need repairs or reconstruction because of the hurricane. This loan is available for primary residences and second homes or investment properties.
All offers are subject to credit approval. Applicants must have a minimum representative credit score of 620, as defined by Government Sponsored Entities.
1FHA 203h and 203k loans - Loans with mortgage insurance from the Federal Housing Administration (FHA) in detached single-family units, subject to the limits per municipality and the qualification guidelines established by the FHA. 203h loan to buy or refinance with a Loan-to-Value (LTV) ratio of up to 100% if the property you reside suffered severe damage as a result of the hurricane and is located in an area that has been declared a disaster zone by the President of the United States. Applications must be received by September 20, 2018. 203k loans with a Loan-to-Value (LTV) ratio of up to 110% for purchases and for refinancing without cash-out in detached single-family units, and up to 100% in apartments in condominiums approved by the FHA.
2FNMA HomeStyle- For conventional conforming loans with an Approved/Eligible recommendation from FNMA's DU system, for purchase of single-family or multi-family dwellings of up to four units in primary residences and one unit in second homes, and for investment properties from $75,000 to $424,100, with a maximum Loan-to-Value (LTV) ratio of up to 80% in primary residences and second homes without private mortgage insurance; up to 95% in primary residences, 90% in second homes, both with private mortgage insurance; and up to 80% in investment properties.
3Non-Conforming BPPR Disaster Relief- Loan of up to 89% in Loan-to-Value (LTV) ratio. Certain restrictions apply. OCIF Lic. B-1. Popular Mortgage is a division of Banco Popular de PR.