How to Get Rural Disaster Housing Assistance
What it is
| At a Glance | |
|---|---|
| Loan Type: | Housing |
| Lender: | Government |
| Secured: | Yes |
A rural disaster housing assistance loan is available to lower income families living in rural disaster areas in countries designated under the Presidential Disaster Declaration. It helps them to meet emergency needs arising from any natural disaster, such as flooding, forest fire, landslides, etc. The beneficiaries can use the loaned amount to buy, build, rehabilitate, or improve their dwellings. The Rural Disaster Housing Assistance consists of 33-year or 38-year loans and is aimed to help individuals who are unable to obtain credit from other sources.
Direct loans are approved for the construction, repair, or purchase of housing following a disaster. Payment subsidy is available to eligible low- and very low-income applicants. The payment subsidy reduces the borrower's scheduled payment to an amount equal to what it would be if the note were amortized to as low as one percent. These subsidies are subject to recapture by the government when the borrower transfers title or ceases to occupy the property.
Who it's for
Disaster is devastating, especially to people in lower income brackets. For these people, the rural disaster housing assistance loan can provide help in a time of desperation. Applicants to the rural disaster housing assistance program must be without adequate resources to obtain housing or related facilities in order to be approved. Applicants also must be without adequate resources to obtain housing or related facilities, and must be unable to secure the necessary credit from other sources at prevailing terms and conditions for residential financing.
What you need to do to apply
In order to obtain a rural disaster housing assistance loan, applicants must submit an application for rural housing assistance, a uniform residential loan application, and an authorization to release information to the USDA. Those interested in applying can also contact the USDA for more information and information about documentation.
Apply for Rural Disaster Housing Assistance
Apply online for any type of housing loan at LoanWeb: