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Fayesboots, Home Owner in California

what is a shared equity agreement based on resale restrictions/affordability covenant?

Asked by Fayesboots, California Fri Jun 29, 2012

I thought i was a homeowner in a Habitat for Humanity home in California which I purchased and recently paid off after a 20 year mortgage. But I just found out that I will never own this home because of the restrictions described above. How can this be right or legal?

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The shared equity program is somethign that habitat does on a regular basis. They provided you with a home at a very low interest rate and no money down. part fo the program is that they get a portion of the profit when you sell the house. This goes to help other families that are in the same position you were in when you bought your home.

it is a way for them to help subsidize the cost of the program.

Dave diCecco
http://www.davedicecco.com
0 votes Thank Flag Link Sat Jun 30, 2012
They partnered up with you to able to aquire a home at a very low interest rate and you stand to benefit from some of the equity. You own the home but when you sell it a portion goes back to Habitat to help other people. That is their program and if you do not want to help other people that are in the same situation you were in you should not have accepted the subsidized price and loan.
0 votes Thank Flag Link Fri Jun 29, 2012
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