[StBernard] SBA Requirement to Sell

[Westley Annis]

Angel,
I informed SBA on the very first contact call that I wanted to relocate.
The loan was worked for that purpose from the beginning.
The loan papers were sent to me and I signed them in February.  I actually
got my contents money shortly after that and I was able to start buying
furniture for my new home.  The home closing was in April.  The title
company received a check from SBA in February and held it until the closing.
I was very fortunate that everying worked very smoothly.
My sister in law and my best friend are in the other situation.  They closed
on their relocation home before getting the SBA loan and they are now going
through the hoops to have the SBA money used to pay off the first loan.  I
will keep you up to date and let you know how they progress.
Good luck and God Bless!
PD


> -----------------------------------------------------

> PD,

>

> Did you close on a new home before closing on your SBA loan?  If so, 

> are you able to use the SBA money to pay off your new mortgage?

> Thanks,

> Angel

>