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Financing in Robbinsdale : Real Estate Advice

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Thu May 22, 2008
Trey Bowden answered:
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
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