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Sba disaster loan application Form: What You Should Know
Apply For A Disaster Loan The loan is normally provided to qualified applicants who are at least 60 days delinquent on the payment obligation under the SBA Home Loan Program. The loan amount is no more than 1,250,000.00 or up to 1 cent per dollar, whichever is less. The borrower must provide documentation of either a principal or interest-based security interest. If interest-based security interest is obtained, the loan amount must be less than 1,250,000.00. Disaster Home Loan Application — SBA. The application is used by SBA Disaster Loan Program recipients to receive disaster assistance. The borrower must have an equity of no less than 20 percent of the original estimated loan amount. The actual financing price is adjusted for prevailing interest rates. For borrowers with an estimated loan amount less than 1,250,000.00 and for a borrower in default, a lump sum may be awarded to facilitate repayment of principal and interest. The borrower must submit proof that the borrower is in satisfactory physical and mental condition, that the applicant possesses appropriate insurance and has a reliable source of income. All applicants will present appropriate identification that proves that he/she is not subject to a court order for nonpayment, and the proof of income and health. The application and supporting documentation must be received by the SBA within 60 days of the application date. The application and supporting documentation must show that the applicant has a sufficient income to meet his/her financial needs. The applicant must submit supporting documentation demonstrating that he/she will be living in the home during his/her entire loan term, or at least 50 percent of the total time the home is occupied by the applicant. You can also call our office at Disaster Loan Application Paper Forms. Disaster Loan Assistance. The Disaster Loan is only for applicants who have a verified equity of less than 5.5% of the loan amount at the time of application. However, a higher percentage may be available for eligible applicants if their actual equity is less than 5.
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