13 C.F.R. § 123.105 How much can I borrow with a home disaster loan and what limits apply on use of funds and repayment terms?
Title 13 - Business Credit and Assistance
(a) For all disasters occurring on or after October 26, 1993, there are limits on how much money you can borrow for particular purposes: (1) $40,000 for repair or replacement of household and personal effects; (2) $200,000 for repair or replacement of a primary residence (including upgrading in order to meet minimum standards of safety and decency or current building code requirements). Repair or replacement of landscaping and/or recreational facilities cannot exceed $5,000; (3) $200,000 for eligible refinancing purposes; and (4) 20 percent of the loan amount (not including refinancing) up to a maximum of $48,000 for mitigation (see §123.107). (b) You may not use loan proceeds to repay any debts on personal property, secured or unsecured, unless you incurred those debts as a direct result of the disaster. (c) SBA determines the loan maturity and repayment terms based on your needs and your ability to pay. Generally, you will pay equal monthly installments of principal and interest, beginning five months from the date of the loan, as shown on the Note securing the loan. SBA will consider other payment terms if you have seasonal or fluctuating income, and SBA may allow installment payments of varying amounts over the first two years of the loan. The maximum maturity for a home disaster loan is 30 years. There is no penalty for prepayment of home disaster loans.
Title 13: Business Credit and Assistance
PART 123—DISASTER LOAN PROGRAM
Subpart B—Home Disaster Loans
§ 123.105 How much can I borrow with a home disaster loan and what limits apply on use of funds and repayment terms?
