Does the borrower have to pay back the assistance?
The assistance the borrower receives with the Freddie Mac HFA Advantage loan is a gift and does not have to be repaid.
The assistance the borrower receives with the Fannie Mae HFA Preferred loan is a 7-year forgivable second mortgage, forgiven 1/84th each month, beginning the first full month after closing. There is no forgiveness for partial months.
Please see the program summary, via the link at the bottom of the page, for more detailed information.
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