2 Percent 30-Year Mortgages Available To Fire Victims
Written by 991KBU on November 23, 2018
The SBA has issued a disaster declaration for Los Angeles County … and that makes low-interest federal disaster loans available to businesses and residents impacted by the Woolsey Fire.
What is the SBA???
It’s the federal Small Business Administration.
Businesses of all sizes … and nonprofit organizations … may borrow up to $2 million.
This money can repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.
And homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
The interest rates are dirt cheap.
As low as 3.74 percent for businesses, 2.75 percent for nonprofits and 2 percent for homeowners and renters.
Terms up to 30 years.
Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
