Recent changes to the FHA loan requirements now allow owners in the federally declared disaster areas affected by Hurricane Sandy, to rebuild their homes from the ground up. With one loan and one closing, you can make major or minor repairs and upgrades using a renovation loan
This also means that you are no longer required to rebuild using the same foundation that may have been damaged by the storm. In the past, you may have been told that you could only use an FHA renovation loan to rebuild on the existing foundation. Now, you can use it for a completely new construction to replace your damaged or destroyed home!
So if you have any friends or relatives still struggling with the effects of Sandy, pass this on.
