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Updated over 7 years ago on . Most recent reply

User Stats

227
Posts
35
Votes
Jonathan Perez
  • Realtor
  • Jacksonville, FL
35
Votes |
227
Posts

Am I stuck in my duplex for another 2 years???

Jonathan Perez
  • Realtor
  • Jacksonville, FL
Posted
So, I’ve been living in my duplex for a whole year now. When I bought the house, I used FHA 3.5% down requiring that I live in it for at least 1 year. I also completed a down payment assistance program that granted me $6,000 but required that I lived in the residence for at least 3 years otherwise I’d have to repay 1/3 of the grant. I thought it was a great idea considering it was like “free money” but now I feel like I’m ready to more properties and can do so because I have to live in this one for another 2 years! Am I really stuck until the 3 years are up or are there other options? If so what can I do?

Most Popular Reply

User Stats

6,408
Posts
2,655
Votes
Brent Coombs
  • Investor
  • Cleveland, OH
2,655
Votes |
6,408
Posts
Brent Coombs
  • Investor
  • Cleveland, OH
Replied

@Jonathan Perez, paying back $2k gets you out of "prison", now. Cheers...

[You still get to legally keep 2/3 of your winnings!]

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