All Forum Posts by: Alejandro Marquez

Even if this means I will be stuck paying off the HPAP loan? 

I qualified for a 68,000 HPAP loan and got a pre-qualification letter from a lender for a max of 400k at 3%. I am looking at condos because home prices in DC under 400k are not realistic. The HPAP loan is: 

The HPAP program is a 0% second trust loan that is deferred and is NOT a grant. The deferment period varies based upon the amount of the loan

5 years then amortizing for 40 years OR

Deferred until:

ξ the property is no longer the borrower’s primary residence;

ξ the property is refinanced under certain circumstances; OR

ξ the property is sold or title is otherwise transferred

What is the best option here? Sell the condo in <5 years assuming Ill make a profit or hold it and rent? Please advise.