Has anyone ever gone through the FEMA approval process? Our home was damaged by Hurricane Ivan and we are applying for a $10K $15K -loan to cover our homeowner's deductible. We don't yet know the total extent of the damage since it's darn near impossible to get a roofer out here, but we're guessing it's around $40K total with roof, foundation and interior sheetrock. I have a bk so I won't be on the application. My DH's credit is so-so - his FICO is 630 with 2 30 day lates (diff accounts) that are over a year old each, high utilization, 8 inquiries (3 will drop off in a month or so) and one unpaid collection account for $50 from a hospital. I'm working on a pay for delete for that one right now although they are being stuboborn (see HIPPA post for details) I would really appreciate any insight about the FEMA app process. I searched the site and only came up with one story from Le Ann, and her situation was SO different from ours that I don't think it's applicable. Thanks Poochie
I don't know, but I'll bump in case someone else knows. I would think that since this is government aid the qualifications wouldn't be as stringent. Have you called FEMA and asked them?
Since posting this before the board black out, I've done some digging. The loans are actually through the SBA, with preferential rates going to those who couldn't qualify for other lenders. In this case, it might actually be beneficial for me to be a joint applicant. But I don't know how huge of an issue hubby's credit score will be - we had to buy a "new" car this weekend following the demise of my trusty old volvo, and he got a loan from his credit union at a great rate. So maybe it's not as bad as I'd feared. This credit scoring game is such a racket - he has pristine credit, only 2 30 day lates in 10 years, and that one pesky collection, and his score is 630 due to utilization. I just had a BK 7 discharged 2 months ago, and mine is 606. I'm telling ya, this whole system needs to be thrown out. Thanks for the bump Poochie
