The United States has witnessed a series of natural disasters such as Hurricane Katrina and Wilma in 2005, drought and heat wave in 1988 and 1980, Northridge earthquake in 1994, Hurricane Andrew in 1992, Midwest floods in 1993, Hurricane Ike in 2008, Hurricane Charley in 2004, Hurricane Ivan in 2004 and most recently Hurricane Sandy etc. In fact, these natural disasters such as tornadoes, hurricanes, floods, earthquakes, super storms, cyclones, and wildfires have become routine in the United States of America.
Along with what is payday loan consolidation, there is a need to know about the recovery process. The repayment of the loan amount is possible for the individuals within a specified time. The home loan payday consolidation is the right choice to have the desired results.
Homeowners are therefore required to be prepared to face any such calamity and its financial consequences. Most of the times, our budget is so tight that we can’t afford to repair or replace a damaged house, equipment, and business assets. Fortunately, certain banks and financial organizations in the United States have come up to help the victims of such natural disasters to offer home loans for disaster recovery. This financial assistance is available for all the home owners, businesses, renters and other organizations to repair their damaged real estate in the disaster affected areas.
Natural Disaster Recovery Loan
Knowing the unpredictable nature of these natural disasters such as cyclones, hurricanes and earthquakes, certain banks offer natural disaster recovery loan at extremely low interest rates. The banks are aware that the government assistance and insurance benefits both are either insufficient or get delayed. There are certain organizations such as FASNY Federal Credit Union, which have crafted low-interest financial assistance plans to help the victims of these disasters.
The following table explains the interest rates offered with respect to the credit score:
Individual Credit Score More than 680 600 to 679 Less than 600 Tenor A B C Three years 3.00% 5.00% 7.00% Four years 4.00% 6.00% 8.00% Five years 5.00% 7.00% 9.00%
However, to qualify for this financial assistance, one has to meet the following criteria:
The area where you have your affected property, should have been declared a disaster affected area by the president
Your insurance does not cover the cost of damage or offers insufficient amount
You must usually live in the affected area or lived when the disaster occurred
Your home is not okay to live and it requires repairs as a result of the disaster
You should meet the requirements of the financial assistance program such as SBA loan, FASNY or the NVFC
Interest rates and the tenor of the loan published here represent approximate values and are subject to change without any prior notice. You can contact the concerned bank or financial unit for the latest rates and terms. Membership eligibility for organizations such as FASNY is also a major criterion for your loan approval.