SBA loans - " woolf in sheep's clothing " ?

[leilanidude]

The interest rate and terms are better than market and SBA will let you buy in lava zone 2. The SBA also gives loan approvals quite quickly. The SBA is not in the business of doing long term loans even though they offer 30 year terms. If you are getting insurance money on the old property to cover your loss over and above your previous mortgage, they want that applied back to their loan.

It is about getting you into new housing that insurance didn't cover - so if insurance does eventually pay - they get that back right away.

[SoCal_to_Hawaii]

I think the term is 'windfall' -- basically you don't get to double-dip from two or more entities compensating (the low interest/insurance pay out) for the same tragedy/situation.

[VancouverIslander]

quote:

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Originally posted by PaulW

Don't tell me all those angry people on facebook are just echoing each other with no clue of what they're talking about?!

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I'm pretty sure that's how social media works.

Me ka ha`aha`a,
Mike

[dan d]

I put in for a sba loan 20 years ago thru fhb and supplied 2 inch folder of proof for the loan,6 mo later they said sorry and offered me a car loan i didnt need. Sba never again

Dan D
HPP