<ul>
 	<li>The assistance the borrower receives with the Freddie Mac HFA Advantage loan is a gift and does not have to be repaid.</li>
 	<li>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.  The outstanding principal of the second mortgage loan will be due and payable in any of the following instances:
<ul>
 	<li>The sale, disposition, or transfer of the property</li>
 	<li>The refinancing or payment in full of the first mortgage loan</li>
 	<li>Failure to occupy the property as principal residence for a period of more than sixty (60) days</li>
 	<li>Upon acceleration of the first mortgage loan or second</li>
</ul>
</li>
</ul>