Eligibility is based on financial criteria.
Interest rates fluctuate according to statutory formulas. In addition to presidential declarations, the program handles disaster loans when a declaration is made by the SBA Administrator. Homeowners may apply for an additional 20 percent for disaster mitigation. This is the major long-term recovery program for an individual's disaster loss. This loan is not intended to replace extraordinarily expensive or irreplaceable items such as antiques, pleasure crafts, recreational vehicles, fur coats, etc.