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Home and Property Disaster Loans

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undefined Home and Property Disaster Loans?

The U.S. Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to homeowners and renters located in a declared disaster area. Financial assistance is available in the form of low-interest, long-term loans for losses that are not fully covered by insurance or other recoveries.

Homeowners may be eligible for up to $200,000 to repair or replace their primary residence that was damaged or destroyed in a declared disaster event. In some cases, SBA may be able to refinance all or part of a previous mortgage (not to exceed $200,000) when the applicant does not have credit available elsewhere, has suffered substantial disaster damage not covered by insurance, and intends to repair the damage. SBA considers refinancing when processing each application. Loans may also be increased by as much as 20 percent of the verified losses (not to exceed $200,000) to mitigate damages from possible future disasters. Secondary homes or vacation properties are not eligible for home disaster loans; however, qualified rental properties may be eligible for assistance under the business disaster loan program.


Renters and homeowners may borrow up to $40,000 to replace damaged or destroyed personal property such as clothing, furniture, appliances, automobiles, etc. This loan may not be used to replace extraordinarily expensive or irreplaceable items, such as antiques, collections, pleasure boats, recreational vehicles, fur coats, etc.

The U.S. Small Business Administration (SBA) is responsible for providing affordable, timely and accessible financial assistance to homeowners and renters located in a declared disaster area. Financial assistance is available in the form of low-interest, long-term loans for losses that are not fully covered by insurance or other recoveries.

Homeowners may be eligible for up to $200,000 to repair or replace their primary residence that was damaged or destroyed in a declared disaster event. In some cases, SBA may be able to refinance all or part of a previous mortgage (not to exceed $200,000) when the applicant does not have credit available elsewhere, has suffered substantial disaster damage not covered by insurance, and intends to repair the damage. SBA considers refinancing when processing each application. Loans may also be increased by as much as 20 percent of the verified losses (not to exceed $200,000) to mitigate damages from possible future disasters. Secondary homes or vacation properties are not eligible for home disaster loans; however, qualified rental properties may be eligible for assistance under the business disaster loan program.


Renters and homeowners may borrow up to $40,000 to replace damaged or destroyed personal property such as clothing, furniture, appliances, automobiles, etc. This loan may not be used to replace extraordinarily expensive or irreplaceable items, such as antiques, collections, pleasure boats, recreational vehicles, fur coats, etc.

undefined Home and Property Disaster Loans?

In order to qualify for this benefit program, homeowners and renters must have sustained physical damage and be located in a disaster declared area.

Credit Requirements: SBA's assistance is in the form of loans, as such SBA must have a reasonable assurance that such loans can and will be repaid based on satisfactory credit and repayment ability.


Collateral Requirements: Collateral is required for all home disaster loans over $25,000, to the extent it is available. Real estate is the preferred form of collateral. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral if it is available.

undefined Home and Property Disaster Loans?

Disaster survivors must repay SBA disaster loans. SBA can only approve loans to applicants with a reasonable ability to repay the loan and other obligations. The terms of each loan are established in accordance with each borrower's ability to repay. The law gives SBA several powerful tools to make disaster loans affordable: low fixed interest rates, long-terms (up to 30 years), and refinancing of prior real estate liens (in some cases). As required by law, the interest rate for each loan is based on SBA's determination of whether an applicant has credit available elsewhere and can fund their own recovery without incurring a financial hardship.

The SBA can provide up to $200,000 to homeowners to repair or replace their primary residence. Homeowners and renters are eligible for up to $40,000 to help repair or replace personal property. There are no upfront fees or early payment penalties charged by SBA.

30 years
Cannot exceed 4% if no credit elsewhere. Cannot exceed 8% if credit available elsewhere
$200,000 for real estate, $40,000 for personal property
Monthly
No
No

undefined Home and Property Disaster Loans?

Apply online for disaster loan assistance at your own convenience through SBA's secure Disaster Loan Assistance website.


For application information, please call 1-800-659-2955 or email DisasterCustomerService@sba.gov

Disaster Loan Assistance

For more information about the program or questions on how to apply, please visit the Disaster Loan Assistance site.

Or contact the program at:
1-800-659-2955
OR
disastercustomerservice@sba.gov

1-800-659-2955

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