[Need Advice] Qualified for a $30k loan at 2.8% - Should I take it?

Here's the deal. I qualified for a 30-year, fixed, unsecured loan with the SBA for $30k at 2.8% with no early payoff penalty. It's going to be $125 a month, which is chump change. I got this as part of the Fema-Ike help package. It essentially covers what the insurance didn't cover for me, which the SBA estimated at $30k.

There are three caveats that I can see.

-One, it's going to put $30k in debt on my credit, which I just cleaned up to $0.

-Two, since that debt is there, it may hurt my ability to get a low mortgage rate, which is something I want to do soon to buy a new house.

-Three, there is a chance that I could be audited by the SBA for how I use this money in the next three years. It is supposed to be meant for replacing valuables (furniture, books, whatever I lost in IKE) ONLY. I can use reciepts for what I've bought retroactively to the date of the Hurricaine, but I would have to come up with $30k in proof of purchase of valuables. I don't think it would be an issue, but I like to have my ducks in a row in case of things like this.

So what should I do? Should I take the money? To me it's six of one, half dozen of the other, and I can use it to supplement my down payment on a house and have a lower payment per month.

TIA

 

I know, really, it's a funny coincidence. If you had Hurricane Ike losses, you should hit the government up.

Yes and no. I'll be getting a mortgage soon, so I'd rather owe $30k of a house note at 2.8% than 5-6%. But I'm doing well without the money.

 

Yeah, it's legit. Part of the gubment help you get if you fill out all of your forms after a hurricane.

 

You summed up my dilemma perfectly, ima. I don't need the money, but if I had $30k at 2.8%, that's $30k less I'm financing at 6% in a mortgage.

Supermac- the inflation argument is one I hadn't considered, at least consciously. Another notch in the 'pros' column.