Small Business Administration Loans - Those affected by a disaster can rebuild stronger by increasing their SBA disaster assistance loan up to 20% of the verified physical damage to make mitigation improvements. There is no cost to apply, and you are under no obligation to accept a loan if approved.
- Generally, borrowers have two years after loan approval to request an increase for higher rebuilding costs, code-required upgrades, or mitigation.
- Call (800) 659-2955 and ask about increasing your loan for mitigation purposes, or visit sba.gov/disaster for more information.
Fannie Mae HomeStyle Renovation Loans - A mortgage that provides a simple and flexible way for borrowers to renovate or make home repairs with a conventional first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing.
Fannie Mae HomeStyle Energy Loans - A mortgage that helps lenders offer financing for homeowners to increase home energy efficiency and reduce utility costs.
- Both HomeStyle Renovation and HomeStyle Energy mortgages may be combined with a HomeReady® mortgage so that low-income borrowers can take advantage of flexible features and additional savings.
USDA- Single Family Housing Repair Loans & Grants - A loan program providing loans to very-low-income homeowners to repair, improve, or modernize their homes. Grants are also available for elderly very-low-income homeowners to remove health and safety hazards.
HUD 203(k) Loans - A loan program for rehabilitating and repairing single-family properties allowing homebuyers and homeowners to finance both the purchase or refinancing of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
- The 203(k) program permits homebuyers and homeowners to finance up to
$35,000 into their mortgage to repair, improve, or upgrade their homes.
HUD Mortgage Insurance for Disaster Victims - 203 (h) - Loan program for renters or homeowners if their homes are located in an area designated by the President as a disaster area and were destroyed or damaged to such an extent that reconstruction or replacement is necessary. These loans may be used to finance the purchase or reconstruction of a one-family home that will be the homeowner's principal residence.
- The borrower must submit their application to an FHA-approved lending institution within one year of the President's disaster declaration.