Housing Grant
REM #F795
By Ilyce R. Glink
Summary: If you buy a home with a housing grant with a set timeframe you may be penalized if you sell early. Housing grants often have terms and conditions. Read your documents to understand your housing grant.
Q: Is there a penalty for selling your house before the three year are up on your housing grant?
A: There may be. Many community development block grant loans have special
terms and conditions attached to them.
With some, you'll have to share the appreciation. With others, you'll have to
pay back a fee that is a certain percentage of the loan's value -- like a prepayment
penalty.
Take a look at the documents you had at the closing and try to see what it says
about paying off the loan early.
If the penalty is too costly, consider sticking around until the penalty period
is up.
For more details, please consult a real estate attorney or call the nonprofit
association or housing agency that helped you with the purchase.
NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services
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