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Housing Updated: 20 Sep 2018

Resources for rebuilding after Hurricanes Harvey and Irma

A complete picture of the damage wrought by Hurricanes Harvey and Irma is still coming into focus, but what is clear is that among the hardest hit are homeowners.

For these homeowners, many without flood insurance, starting the rebuilding process can be an overwhelming task, and just knowing where to begin to get the money needed to rebuild may seem complicated. According to BBVA Compass Insurance Agency Managing Director Analicia Geisen, a good place to start is with the homeowner’s insurance company.

Money to rebuild a home
Christina Anderson
Listen to audio Special: Hurricane Harvey

Geisen: It’s prudent to check with the insurance company.

Corporate communication

BBVA Compass announces disaster relief program in Florida to help recovery after Irma

BBVA Compass announced Tuesday that it will offer payment-deferral programs for victims of Hurricane Irma in Florida as well as a robust suite of discounted loans and lines of credit to help the families and businesses affected by the powerful storm.

BBVA Compass is making the limited-time offers — among them special loan and payment deferral programs, waived late fees and penalty-free CD withdrawals — available to consumer and small business clients in the 67 counties declared in a state of emergency by Florida Gov. Rick Scott. For the time being, the bank also is waiving all ATM fees in Northeast and Central Florida: Its own customers will pay no fees to BBVA Compass if they use non-BBVA Compass ATMs, and non-customers will be able to use BBVA Compass ATMs at no charge from BBVA Compass.

“Without flood insurance, much of the damage from the recent hurricanes may not be covered,” said Geisen. “Even so,  it’s prudent to check with the insurance company - even going as far as filing a claim - to be sure as water may not be the only damage. It’s always best to exhaust all options.”

The Federal Emergency Management Agency - or FEMA - can also provide some relief in the form of grants for eligible individuals and families that may help them return to their homes, and in some cases help pay for damage repair. Typically though the grants do not cover all needed repairs. In these situations, FEMA directs homeowners to apply for a Small Business Administration disaster loan to help repair the damaged primary residence.

According to BBVA Compass SBA Division Manager Greg Clarkson, the SBA, while known for their business lending, is a primary source of lending for the government to individuals needing post-disaster rebuilding assistance. The borrower can apply for loans up to $200,000 for primary residence rebuilding and recovery with rates as low as 1.75 percent and repayment terms from 3 to 30 years.

Corporate communication

BBVA Compass rolls out special programs, offers for Texas flood victims

BBVA Compass announced Tuesday that it will offer payment-deferral programs for flood victims in Texas as well as a robust suite of discounted loans and lines of credit to help the families and businesses affected by Hurricane Harvey rebuild their lives.

BBVA Compass is making the limited-time offers — among them special loan and payment deferral programs, waived late fees and penalty-free CD withdrawals — available to consumer and small business clients in the 58 counties declared a state of disaster by Texas Gov. Greg Abbott. For the time being, it also is waiving all ATM fees in those areas: Its own customers will pay no fees to BBVA Compass if they use non-BBVA Compass ATMs, and non-customers will be able to use BBVA Compass ATMs at no charge from BBVA Compass.

“Most people aren’t aware of the multi-faceted nature of the SBA,” Clarkson said. “But, when it comes to disaster assistance loans for homeowners, it’s the main source the government uses.”

Clarkson: Most people aren’t aware of the multi-faceted nature of the SBA.

Many financial institutions are also available to help when it comes to rebuilding and recovery, with many, including BBVA Compass, offering special programs that include discounted loans and lines of credit to help those affected by disasters.

Corporate Responsibility

BBVA Compass Foundation to donate $250,000 to aid recovery efforts in Texas, will raise up to $250,000 more

BBVA Compass, whose holding company is headquartered in Houston and which has a significant presence in the city, announced today that its foundation will donate $250,000 to the American Red Cross and the Hurricane Harvey Relief Fund to aid disaster recovery efforts in Texas. The bank also plans to raise, online and at its branches, up to $250,000 in employee and customer contributions to the two organizations for a total contribution of up to $500,000.

“The recovery period for those impacted by Hurricane Harvey and Hurricane Irma will last for months,” said BBVA Compass CEO Onur Genç. “BBVA Compass intends to be here for customers and non-customers lending support, an ear and a helping hand through all of it.”

Rebuilding Resources:

FEMA Grant Application: (800) 621-3362 or visit DisasterAssistance.gov to apply online

SBA Customer Service Center: (800) 659-2955 or visit disasterloan.sba.gov to apply online

BBVA Compass special programs information: (800) 266-7277 or visit a local branch

For more stories and articles related to Hurricane Harvey, click here.

Click here to make a contribution to those affected by Hurricanes Harvey and Irma. The BBVA Compass Foundation will match donations up to $150,000.

For more information on how BBVA Compass is helping those impacted by Hurricanes Harvey and Irma, click here.