Do I have to pay back down payment assistance when I sell or refinance?

It depends entirely on the type of down payment assistance program you use. Some programs offer grants that never need to be repaid. Others are structured as silent second mortgages or deferred payment loans that must be repaid when you sell, refinance, or after a certain number of years. Some forgive the debt gradually if you stay in the home for a set period, often five to ten years. Repayment terms, interest rates, and forgiveness schedules vary widely by program and lender. You need to review the specific assistance agreement carefully before closing. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.