My family and I just lost our home in south Texas to Hurrciane Harvey. We are
getting a decent amount of money from our insurance coverage. We hope to build a $300,000 home while putting $100,000 down from our insurance claim as a down payment. I have been told to be patient and expect there to be some federal relief and very low interest rates for hurricane victims to rebuild. My credit score is probably in the low 700’s. Will there be lower rates offered to people like us? I am about to payoff my current mortgage while we rebuild and my lender said current rates are 3%. I applied for an SBA loan already.
Any advice or information on what to expect in the next 30-60 days would be helpful.
First off, I want to send over positive thoughts to you and your family. I own property in Austin and have friends in both Houston and Miami and know how devastating the hurricane has been.
That said, I’m not sure if SBA loan and other types of mortgages will have lower interest rates for hurricane victims. This is because most of these loans are regulated by strict FHA guidelines that have minimum interest rate floors as well as specific qualification requirements. However, if current rates are really at 3%, then you’re already getting a very low rate. I would lock that rate in asap if I were you. Currently, interest rates are rising and it’s not uncommon to see rates that are 4.25%+.
Regarding disaster relief, I do know that the House just passed a $7.85 billion disaster relief fund for the hurricane, which you can find info on via articles like this (http://nypost.com/2017/09/06/house-passes-7-85-billion-aid-package-for-hurricane-harvey-victims/).
I hope this helps a bit and keep your head up!