elsewhere. SBA disaster loans include terms up to 30 years.
Home loans for more than $25,000 in Presidential and Agency declarations must be secured with collateral to the extent possible. SBA asks applicants for the collateral available but will not decline a loan for a lack of collateral. A first or second mortgage on the real estate that has been damaged is typically used as collateral for an SBA disaster loan. Applications for SBA disaster assistance loans are available online. An inspector will be sent by the SBA to estimate the cost of damage once the loan application has been completed and returned.
INDIVIDUALS AND HOUSEHOLDS PROGRAM
The Individuals and Households Program (IHP) is a Federal Emergency Management Agency (FEMA) program that helps families or persons affected by a natural event that’s been officially declared a disaster by the government, especially when they’re unable to be met by any other disaster insurance. The assistance that’s rendered by this program could be repairs, temporary housing, replacement, housing that’s semi-permanent or even permanent. You may be eligible for disaster assistance, which includes grant assistance, from FEMA’s Federal Assistance to IHB after a Presidential disaster declaration has been made. FEMA will consider you for various types of IHP assistance once you register. Assistance includes grants to replace or repair a damaged primary residence or temporary housing assistance. U.S. citizens, non-citizens national or qualified aliens are eligible for the program. The following conditions must also be met:
• you must have losses in an area that has been declared a
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