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Forgiveable loan

Posted by on Dec. 9, 2010 at 4:00 PM
  • 8 Replies
My husband and I are r looking into a few agencies around here that provide forgivable loans. The money it going to go towards a down payment or closing cost of our first home. Can anyone explain to me what the typical conditions are for a 5 yr forgivable loan. If I understand it right the idea is either u pay the loan back in 5 yrs or u work it off in 5 yrs by volunteering to the organization. If u dont do either one ofthose then u can be taken to court. Is that pretty much correct???
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by on Dec. 9, 2010 at 4:00 PM
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Replies (1-8):
ShadowRaven
by on Dec. 9, 2010 at 4:09 PM

BUMP!

army_wifey_06
by on Dec. 9, 2010 at 4:10 PM

Never heard of a forgiveable loan....BUMP

ohmommamia
by on Dec. 9, 2010 at 4:14 PM
Never heard of such a thing.
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canthaveboys1
by on Dec. 9, 2010 at 4:14 PM

 

Quoting army_wifey_06:

Never heard of a forgiveable loan....BUMP

 

BlssdMama
by on Dec. 9, 2010 at 4:16 PM

Never heard of one but here's a bump for you! bump

newmom515
by on Dec. 9, 2010 at 4:16 PM


Quoting army_wifey_06:

Never heard of a forgiveable loan....BUMP


mamakenzi
by on Dec. 9, 2010 at 4:46 PM


Quoting army_wifey_06:

Never heard of a forgiveable loan....BUMP

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momofSkyeNShy
by on Dec. 9, 2010 at 5:09 PM
Goodness I googled it and it describes it as a loan that can before forgiven under conditions but it doesn't say what those conditions are.
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