we have a home we purchased close to 2.5 yrs ago, ,will we have to pay back any monies being we recived monies as a first time home buyer?

Asked by James & Deb Quisberg, Osakis, MN Thu Mar 29, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Susan Hoffla…, Agent, Shoreview, MN
Tue Apr 3, 2012
Hi, James and Deb!
Wow, that's a loaded question!!! We really can't answer that here. We don't know what programs you took advantage of when you purchased. We don't know if you're thinking of selling now or going to stay in the home.

Can you talk to your lender who helped you get your mortgage to find out what the terms are of the incentive programs you used??? That would be where I would start. If you can't get any help there, I would sit down with another mortgage professional who might be willing to help you get to the bottom of this. Finally, if all else fails, get your paper work out and start reading it again!!! There might be some websites that you can locate on the internet to help explain what your steps are.

Good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Brandon Pete…, , Shoreview, MN
Tue Apr 3, 2012
That is a very complicated question. Different programs have different requirements for paying back or a possible recapture.

You should contact the person who helped you get this financing. If your loan was a MN Housing loan you can contact them for information and possible scenarios.

Thanks
0 votes
, ,
Thu Mar 29, 2012
Maybe, most of these types of programs have a 5 year period where the debt is forgiven at a rate of 20% per year. It depends on what you agreed to do, look at your closing documents, you should have a copy.
0 votes
Christine Ro…, Agent, Mora, MN
Thu Mar 29, 2012
James and Deb, Depending on the program you went with and the terms you agreed to the answer is most likely yes. Check your details to see what is in store. If you need to move again be sure to talk through this with your listing agent.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more