continued: Plantation Purchase Assistance
- Property must be primary residence
- All applicants must attend a homebuyer’s workshop
- Applicants are required to sign recapture documents
- As a reminder, the City will place a second mortgage on the property for the down payment and principal buy down assistance it has provided. The term is zero interest for 30 years. After 30 years, the loan is forgiven. Should you sell or lease your property during this period, the monetary amount of assistance you received will be due to the City. There are no monthly payments on the second mortgage. In addition, the City has requirements for refinancing of the first mortgage, should you choose to do so in the future. Effective February 22, 2006.