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Government Emergency House Loans
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Natural disasters or emergencies such as hurricanes, floods and earthquakes can have a terrible impact on people’s mind. Apart from causing emotional disturbances, these emergencies result in severe property loss amounting up to several millions of dollars.
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Thousands are people are rendered homeless due to such natural disasters. Buying a home after a disaster is almost an impossible task.
However, those people who have lost their homes due to a disaster can now find respite as the Government offers affordable and accessible financial assistance in the form of emergency home loans through the US Small and Business Administration (SBA). These are low-interest loans that are disbursed through the US Department of Homeland Security’s Federal Emergency Management Agency (FEMA) and available to homeowners who have experienced damages and losses at the time of a natural disaster. One can use the loan amount for repairing or replacing the damaged property. SBA disaster loans also help homeowners to rebuild their primary residence.
The maximum loan amount available to homeowners under the SBA disaster loan is up to $200,000. For businesses, this amount can go up to $1.5 million. Businesses can use this amount for repairing or replacing damaged facilities, instruments or even use the loan amount as a working capital. Interest rates on the loan are as low as 3.187 percent for homeowners and 2.9 percent for businesses. SBA disaster loans have convenient repayment option. Loan term can go up to 30 years. Amount of loan provided to an individual under the SBA disaster loan is decided based on the assessment of damage caused to the individual and the actual cost of repairing the resident’s damaged home and personal property.
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