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Mortgage Loans Debt
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Home and Property Disaster Loans - 2007/05/08 18:10
Program Description
If you are in a declared disaster area and are the victim of a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration - even if you don't own a business. As a homeowner, renter and/or personal-property owner, you may apply to the SBA for a loan to help you recover from a disaster.
Insurance Proceeds: If you have insurance coverage on your personal property/home, the amount you will receive from the insurance company will be deducted from the total damage to your property in order to determine the amount for which you are eligible to apply to the SBA.
General Program Requirements
To be eligible for a Disaster Loan, an individual must be located in a Declared Disaster Area. Insurance proceeds, or any other type of compensation must be either first used or pledged to the loan. This prevents duplication of benefits and allows SBA to reach more disaster victims.
Loan Terms
The interest rate is no more than 8% for applicants that can obtain credit elsewhere; no more than 4% for applicants that can not get credit elsewhere.
The length of the loan is 30 years, with a maximum of $200,000 for Real Estate; $40,000 for Personal Property.
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Loans
