I qualified for a down payment assistance program that is forgivable if I reside in the home for 5 years.

Asked by Deborah M, Chicago, IL Tue Sep 2, 2008

I want to by a home that is a foreclosure and will need to apply for a 203 k loan, I heard if I want to use the 203 k loan I can not use the down payment assistance program since there is a lien on the home for the 5 yrs. Is this true? What others options are there available??

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Greg Zaccagni, , Illinois
Tue Sep 2, 2008
Borrowers may use 203(k) Rehabilitation Mortgage Insurance Program in conjunction with housing grant programs, such as HOME, HOPE 3 and Community Development Block Grants (CDBG).

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