efete1 0 Report post Posted January 31, 2012 Hi gang, Anyone familiar with OHFA (first time homebuyer loans) in Ohio or anywhere for that matter? I spoke with a seller who has a second mortgage with OHFA and thinks that if he rents his home on a LO that they can accelerate the loan (like a due on sale, ie ask for the balance all at once). I couldn't find anything online yet but will keep looking. It's only a few thousand per him but he would prefer not to pay it of course. If anyone has experience with this, please let me know. Thanks!! Eric Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 31, 2012 Eric, those types of state or federally backed loans usually have all sorts of restrictions, so it wouldn't surprise me if it did include an acceleration clause. Best way to know for sure is to call the agency directly. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted January 31, 2012 Any type of grant money, county money, etc. has stipulations such as ...must occupy the property for 5 years, must be owner occupied, must convert from Methodist to Baptist...all kinds of stuff. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 31, 2012 What? You've got a problem with the Methodist? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 31, 2012 What? You've got a problem with the Methodist?You didn't know? Jackson is a born again Mormon. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 31, 2012 Oh, that explains his Mitt thing. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 31, 2012 Oh, that explains his Mitt thing.Can you blame him? After his beloved Governor Perry flamed out on the national stage, he rid himself of the Texas redneck persona, took on three wives, and is preaching the gospel of polygamy. I was invited to one of his weddings and managed to sneak a pic of his cake. . . Share this post Link to post Share on other sites
<Steve> 82 Report post Posted January 31, 2012 JJ and all those wifes, who would have known…that takes a lot of physical endurance. Texas crazy. Now we know the reason for Gov. Perry’s flame out. Share this post Link to post Share on other sites
bwalston 1 Report post Posted February 2, 2012 Hi gang, Anyone familiar with OHFA (first time homebuyer loans) in Ohio or anywhere for that matter? I spoke with a seller who has a second mortgage with OHFA and thinks that if he rents his home on a LO that they can accelerate the loan (like a due on sale, ie ask for the balance all at once). I couldn't find anything online yet but will keep looking. It's only a few thousand per him but he would prefer not to pay it of course. If anyone has experience with this, please let me know. Thanks!! Eric Hey Eric - What do the loan docs say? If the loan can be accelerated I would think it would have to be disclosed in the docs. Just a thought... Share this post Link to post Share on other sites
