[StBernard] Relocation Plan Suggestion

[Westley Annis]

If anyone can offer suggestions as one should proceed with these facts
known:

One decides to be a pioneer and move on from original location elsewhere in
St. Bernard or Louisiana after home opted for demolition in Murphy Oil spill
zone. No mortgage on home.

Applies for an LRA, SBA and a new mortgage of new construction in a few
months.

The LRA says difference between Pre-Katrina Appraisal ($148,000) and
homeowner/Flood payouts of $70,000. or $78,000 possible from LRA.

The SBA approves applicaion loan for $103,000 ($60,000 structure/$43,000
contents. SBA says that it will dispurse $10,000 on the first installment
and others to follow. The 2.7% interest rate for the $103,000 would amount
to about $425 month.

A mortgage applied in New contructed home of $142,000 with a $4,000 closing
cost paid for starting the loan with them. The 6.3% interest rate amounts to
about $450 a month borring $72,000.

Can anyone offer suggestion as how to BALANCE these to most optimal method
knowing this info?  Will the monies be paid to new home mortgage company? As
LRA, SBA and mortgage here  needs balancing, what has others done concerning
this method. Surely someone has done this, planning it, or knows how/someone
who has done this?

thanks, mj