Financing in Robbinsdale>Question Details

Alisa, Home Buyer in Minneapolis, MN

Nine years ago when I bought my home I received a small loan from a community agecny in my area with the

Asked by Alisa, Minneapolis, MN Thu May 22, 2008

terms no repayment due unless i transfered title,sold house,or lost to foreclosure i pplied for a hoem equity line of credit with my nortgage co and was approved but they needed to be 2nd on the mortgage the comm agency would not switch places so then my mortgage co offerde me a refinace paying off some debt and getting cash out but with a higher int rate my payment is the same as if i was paying mrotgage and debt does this eem liek a good deal as i am able to get cash out ot make some neccessary hoem repairs.

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Alisa,
Most community agencies offering down payment assistance monies work just like this. They require a prorated repayment of the funds should you sell, refinance or lose the home within the first 5 years. It is extremely rare that they will subordinate to a third position as in your case.

Unfortunately you will be required to include the pay off of this down payment assistance in your new second mortgage.

Good Luck!

Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
0 votes Thank Flag Link Thu May 22, 2008
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