Video Transcript:
Thinking about down payment assistance? That home buying 'gift' you were offered might not be what it seems; it could actually be a temporary loan. I'm David Ghazaryan, a loan officer. My job is to help you navigate these complex financial structures so your path to homeownership is very safe. With a 'forgivable loan,' there is one major condition. If you stay in the home for five years, for example, the loan disappears forever, forgiven. Alternatively, a straight grant gives you less money upfront than a forgivable loan, but the key difference is that with a grant you are totally free. Here's the most important catch for the loan. Selling your home early means you must repay that 'gift' in full before the forgiveness period is over. Understanding these differences is crucial before you commit to a program. My complete analysis on this topic is in the article, so please see links below.
Read Blog Here: https://www.iqratemortgages.com/blog/florida-dpa-grant-or-forgivable-loan-for-your-home
