Hurricane Beryl Disaster Recovery Program
We deeply care about our communities affected by Hurricane Beryl and are committed to putting your safety and recovery FIRST. To support those who have experienced property damage, we are introducing a new loan program designed to provide financial assistance when needed.
We aim to help you quickly rebuild and restore your homes and personal property. Please know we stand by you during this challenging time and are here to assist you in any way we can.
Loan Program Details
Fast Cash Loan Option:
For those who need immediate access to cash to help offset short-term expenses as a result of the hurricane.
- Loan Amounts: Up to $15,000
- Collateral: Unsecured
- Interest Rate: 5.5% Fixed (with auto-debit from FFB checking account. 7.5% fixed with no auto-debit)
- Repayment: 45-Day to first payment with 30 month P&I thereafter
- Minimum Standards: Minimum FICO score of 675 with no charge-offs or past dues within previous 12-months, no bankruptcy
- Other: 1) $100 admin fee. 2) Secured loan option available for those that don't qualify for unsecured. Same terms, but additional underwriting required. 3) Must have incurred direct impact from hurricane.
Special Home Equity (Fixed) Loan Option:
A great option for those who need long-term funding to help with short- and long-term financial hardships caused by the hurricane.
- Loan Amounts: Up to 80% total LTV (including existing liens)
- Collateral: First or Inferior Lien on Borrower’s homestead
- Interest Rate: 5% fixed for FICO score over 675 / 6% fixed for FICO scores under 675 (+2.75 for 2nd lien)
- Repayment: Up to 15 years
- Minimum Standards: Subject to Bank’s normal underwriting and all 3rd party fees
- Other: Must have incurred direct impact from hurricane
Vehicle Loans:
Available to help replace totaled vehicles or obtain cash out on autos to revitalize their hurricane damaged properties.
- Loan Amounts: 100% of clean trade value of vehicle, up to $75,000, 2018 or newer
- Collateral: First Lien on vehicle
- Interest Rate: 4.99% Fixed (with auto-debit from FFB checking account. 6.99% fixed with no auto-debit)
- Repayment: 6-months interest-only with 7-year P&I thereafter
- Minimum Standards: Subject to Bank’s normal underwriting
- Other: 1) Must have incurred direct impact from hurricane. 2) $100 admin fee.
Program Payment Examples
- Unsecured Loan with Auto-debit from FFB account
- Loan Amount: $15,000 | Term: 30 Mos | Interest Rate: 5.5% | APR: 6.022 |Admin Fee: $100 | Monthly Payment: $539.83
- Unsecured Loan with no Auto-debit
- Loan Amount: $15,000 | Term: 30 months | Interest Rate: 7.5%| APR: 8.024 | Admin Fee: $100 | Monthly Payment: $553.49
- Vehicle Loan with Auto-debit from FFB Account
- Loan Amount: $75,000 | Term: 60 months | Interest Rate: 4.99% | APR: 5.588 | Admin Fee: $100 | Monthly Payment: $1362.08
- Vehicle Loan with no Auto-debit
- Loan Amount: $75,000 | Term:60 months | Interest Rate: 6.99% | APR: 7.04 | Admin Fee: $100 | Monthly Payment: $1486.52
- Special Home Equity (Fixed) Option (FICO over 675) for first lien (+.25% for 2nd Lien)
- Loan Amount: $100,000 | Term: 15 years | Interest Rate: 5.0% | .5% Origination Fee | APR: 5.09% | Monthly payment: $795.49