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Low earning friends just stopped that were looking at very low priced condos in SC.
The agent told them there was some government loan they could get with extremely easy terms and low rates that included the feature that, if they sold at a profit in the future, they would then be obligated to pay off the loan,as is usual, but also have to include any profit realized.
They did not get the name of this program or many pertinent details.
Is there some such thing?
It sounded kinda hinky to me but I admittedly don't know everything (shhh, don't repeat that admission please)
I have heard of programs like this but they are local and vary state to state, county to county. I have seen them used for specific condos or townhomes within a building. They are sort of like Section 8 type govt assitance programs.
They all have different names but essentially are the same program with slightly different terms. The one thing is that is absolutely true is that if you decide to sell, there is no profit realized by the home owner. It goes straight to the program that sponsored the purchase.
We have a program like this in my county. I think it's limited to county employees who are first time buyers. New builders have to proffer one or more properties in developments they are building. The county offers these properties at huge discounts but when the person sells they have to sell to someone else in the program, so no profit is realized.
These are wonderful programs that give individuals opportunities to buy where they normally could not. I am helping one such family that is selling back their property to the program and buying their move up home (new construction). Even though they've been there a while (9 yrs), they're making a modest (11K) profit and recycing the unit back into the program. The only problem with the programs is how hard they are to get into.
If I have accessed the correct information, one must already be approved for a mortgage by usual standards.
As is not unusual when first approaching a real estate company, this couple neglected to mention they have a repo and a few late CC payments in their 'recent' history.
Even minus that information, I'm a bit surprised the Realtor has been spending much effort on them since they have a property to sell and have not eve listed it yet.
As well, they are from another state and would be moving without a secure job.
I do hope I have saved somebody some time but giving them some advice before continuing.....like,go home from this trip, pay off the repo balance, sell their place,stash any proceeds, move to SC,rent and get a solid job first!
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