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hersol218
Registered: 01/28/08
Posts: 1

01/29/08 at 10:06 AM

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Once you receive a grant, can you repay it before time?

vince
Moderator
Registered: 09/21/06
Posts: 8

03/12/08 at 09:28 AM

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Our assistance money does not have a payment schedule, so you will not be able to pay it off early. The assistance does require that you stay in the home for a specified period of time- recapture period. Should you not do that, i.e.: sell your home or otherwise no longer owner occupy the home, then you would be in default of the terms of the program and would be required to return what portion of the assistance you did not use. As you occupy the home, you will be forgiven for a portion of the assistance each year. At the end of the established recapture period you would be completely forgiven and could do what you wished with the property and keep all the assistance you received. As long as you are in the home, there will not be a payment or any interest accrued on the assistance you have received. If you have any other questions, please contact me directly and I will be glad to help you.

Rhonda Young,
Single Family Marketing,
ryoung@sethfc.com

281-484-4663 x110 : office
281-484-1971 : fax

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