(a) For everybody catastrophes occurring for the otherwise immediately after October 26, 1993, discover restrictions about precisely how far currency you can use for sorts of motives:

(1) $40,000 to possess resolve or replacement off household and personal consequences; (2) $2 hundred,100 having fix otherwise substitute for away from a primary quarters (and additionally updating to meet up lowest criteria regarding cover and you may decency otherwise most recent building password standards). Resolve or replacement regarding land and/or relaxation business dont meet or exceed $5,000; (3) $two hundred,000 to own eligible refinancing aim; and you will (4) 20 percent of your amount borrowed (not including refinancing) doing a maximum of $forty eight,100000 to possess mitigation (see Sec. ).

(b) You might not use financing proceeds to settle one expenses into personal assets, secure otherwise unsecured, unless you incurred those individuals debts once the a result of the fresh new emergency. (c) SBA find the loan maturity and you can payment terminology based on their means along with your capacity to spend. SBA will thought other percentage terms and conditions when you yourself have seasonal or fluctuating earnings, and you can SBA ounts across the first two many years of the mortgage. There is no punishment having prepayment away from family disaster loans.

(a) If for example the domestic (number 1 household) is wholly lost or significantly damaged, therefore don’t have borrowing from the bank somewhere else, SBA may allow you to borrow money so you’re able to refinance filed liens or encumbrances on the domestic. You reside entirely lost otherwise substantially broken when it has actually sustained uninsured if not uncompensated ruin hence, in the course of new emergency, is often:

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