Home Buyer FAQ: Do I Have to Pay Back the Down Payment Assistance Provided by TSAHC?
Home Buyer FAQ: Do I Have to Pay Back the Down Payment Assistance Provided by TSAHC?
Down Payment Assistance (DPA) grant: As long as your first lien mortgage loan is not refinanced or otherwise paid off in the first six months, you never have to repay any portion of TSAHC’s DPA grant. It is a gift to you.
DPA 3-year deferred forgivable second lien: This assistance is forgiven, in full, upon the third anniversary of the date of your loan closing. If you sell, refinance or transfer your home within three years, you must repay the second lien DPA in full. Click here for FAQs regarding this product.
Also, please note that if you received a Mortgage Credit Certificate (MCC) or purchased your home in 2019 using TSAHC’s Bond DPA, you may be subject to Recapture Tax if you sell your home within 9 years of purchase. Click here to learn more about Recapture Tax.