Disaster Home Loan Programs Available Through GMFS

Baton Rouge-lending company GMFS has announced that the company will offer several home loan disaster programs to assist south Louisiana flood victims to purchase a new primary residence or repair their current home. Program features and qualifications vary, but each will provide helpful benefits to impacted flood victims in a Presidentally Designated Major Disaster Areas (PDMA).

The first available program is:

FHA 203(h) Disaster Home Loan

• Purchase money loans only
• 100% Financing Available
• No Down Payment Required
• Max LTV 100% of the adjusted value
• Options available for no out-of-pocket expense
• Borrowers must have a minimum FICO score of 620 to qualify under FHA loan guidelines, and lender standards may also apply.
• The previous residence (owned or rented) must have been located in a PDMDA and destroyed or damaged to such an extent that reconstruction or replacement is necessary.
• The purchased Property must be a Single Family Property or a unit in an FHA-approved Condominium Project.
• These loans are for principal residences only-no time shares, vacation homes or other non-primary residences. There is an occupancy requirement for the FHA 203h.
• Generally borrowers have up to one year from the date the disaster area was declared

More details and disaster loan program information will be provided as they become available. Contact gmfspartners.com for more information.

From Our Friends at Whitney Bank - Special Recovery Assistance Loans Set Up

Whitney Bank has set up special recovery assistance loans to help businesses and homeowners. The loans include:

• Rates as low as 3.99% APR
• No payment for 90 days
• Personal & Business Loans Available 
• No collateral required
• Loans from $2,500 - $50,000
• Up to 90 days to make your first payment
• Up to 24 month terms
• No up front fees to initiate (waived fees)

Apply by visiting a nearby Whitney Bank branch or by calling 1-800-965-5626.

From Our Friends at Hollingsworth Richards - Discounts, Deferral Programs Available on New Vehicle Purchases

Baton Rouge automobile dealership Hollingsworth Richards is assisting residents who lost their cars in the flooding by offering an additional $500 in disaster relief bonus funds on top of existing discounts and rebates available on Ford and Mazda new vehicles. Ford is also offering a 90-day payment deferral program. Hollingsworth can be reached at 225-304-5374.