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Started By
Message
So who got declined for a SBA loan?
Posted on 8/29/16 at 10:17 pm
Posted on 8/29/16 at 10:17 pm
I'm hearing a lot of my neighbors got declined and they don't know why. The government appears to be throwing out a lot of false promises. I was lucky not to flood but I'm worried about my neighbors who might not be able to afford to rebuild.
11
Posted on 8/29/16 at 10:18 pm to Kramer26
Appeal
Posted on 8/29/16 at 10:19 pm to Kramer26
Sucks, i always keep some rainy day (house) money
Glad i didn't flood tho
Glad i didn't flood tho
Posted on 8/29/16 at 10:29 pm to Kramer26
If you get declined for a loan that means you can get a grant right?
Posted on 8/29/16 at 10:32 pm to terd ferguson
Yes, supposedly if declined for a loan you can get a grant. Although that might not be much money if any at all.
Posted on 8/29/16 at 10:34 pm to Kramer26
Maybe sub 650 credit score??
Posted on 8/29/16 at 10:35 pm to lsu xman
No, credit score is very high for these neighbors
This post was edited on 8/29/16 at 10:36 pm
Posted on 8/29/16 at 10:40 pm to Kramer26
quote:
Yes, supposedly if declined for a loan you can get a gran
It's my understanding it's a package deal - grants and the loan.
Posted on 8/29/16 at 10:52 pm to jonboy
quote:
It's my understanding it's a package deal - grants and the loan.
Grants are paid for rental assistance and reconstruction (walls, flooring, basic appliances, does not account for value of your specific losses). To supplement the FEMA grant, you can apply for an SBA loan. The SBA loan can cover reconstruction AND personal property losses initally, whereas the FEMA grant does not cover personal property losses. The loan will determine reconstruction cost and subtract any grant money FEMA gives. If you are declined for an SBA loan, you may appeal to FEMA to receive additional grant money for personal property losses. This may be different for those with flood insurance. I have already received grant money for reconstruction and rental assistance, and my SBA loan is still being processed.
This post was edited on 8/29/16 at 10:54 pm
Posted on 8/29/16 at 11:07 pm to djangochained
quote:
Sucks, i always keep some rainy day (house) money
I'm sure your rainy day house money is $100k+. Just another day on the OT.
Posted on 8/29/16 at 11:12 pm to Kramer26
Friend have >800 fico. Sba giving them 4% loan. Said if their credit scores were less, the interests would be less. Wtf?!
Posted on 8/29/16 at 11:25 pm to Odinson
SBA states they are for people with bad credit who otherwise could not borrow to rebuild or replace. If you have good credit you can get a loan from any bank.
Posted on 8/29/16 at 11:26 pm to Odinson
Just another way to rip off the hardworking responsible citizens and give more to the uneducated lazy arse poor credit if any leaches in this country.
Posted on 8/29/16 at 11:26 pm to MightyYat
No way
But I got about 25 in a Bank vault box in Houston my wife has no idea about
But I got about 25 in a Bank vault box in Houston my wife has no idea about
Posted on 8/29/16 at 11:30 pm to Odinson
quote:
Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.563 percent for homeowners and renters with terms up to 30 years.
I imagine there could be some that would get an SBA loan to pay off their mortgage. Thus being able to save the difference.
Posted on 8/29/16 at 11:30 pm to Kramer26
If they got declined for an SBA loan they may not have the credit score you think they have, or the SBA determined they have grants and insurance proceeds that will cover their cost to repair. If neither of those apply they may be able to appeal.
The SBA stuff and disaster relief in general is such a touchy subject. On one hand, those with the financial means to do so should not be dependent on the government for subsidized help. It should be the last resort, and if private options are available, they should be exhausted first IMO. On the other, there is a subset of those without the financial means who are simply lazy leeches. Just shitty all around.
The SBA stuff and disaster relief in general is such a touchy subject. On one hand, those with the financial means to do so should not be dependent on the government for subsidized help. It should be the last resort, and if private options are available, they should be exhausted first IMO. On the other, there is a subset of those without the financial means who are simply lazy leeches. Just shitty all around.
This post was edited on 8/29/16 at 11:50 pm
Posted on 8/29/16 at 11:46 pm to jwall3
quote:
SBA states they are for people with bad credit who otherwise could not borrow to rebuild or replace. If you have good credit you can get a loan from any bank.
Been listening to their presentations for the past week plus, and this is accurate...geared towards people with limited options.
That being said they also noted that sometimes people see denial and don't really dig into why. Sometimes it is just paperwork errors or they didn't check a box somewhere.
Posted on 8/29/16 at 11:48 pm to lsu xman
Doesn't really work that way, but if you have no other credit options, then the SBA may refinance your existing mortgage.
Posted on 8/30/16 at 5:03 am to Kramer26
It sucks that people who actually paid taxes to give FEMA the money they're spending are having a harder time getting assistance. I certainly wouldn't pay FEMA 4 percent interest, when most banks can beat that.
Posted on 8/30/16 at 5:09 am to ILikeLSUToo
I've got a FEMA Inspector coming out today. Already had my Homeowners Adjuster come out but haven't heard back yet.
How will this work?
How will this work?
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