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2 Comments on CHFA Mortgage Rates March 4, 2010
Great rates indeed. I recently had a contract on one of my listings and the first timer chose to go FHA because of the conversation the BOA lender gave him about possible repayment if he resold too soon. Is that enforced if the buyer =moves up with the subsequent purchase?
Ed - BOA is referring to the recapture tax that can be collected if the home is sold in less than 9 years and the racapture tax peaks in the 5th year. Recapture tax would be due when a homeowners realized a captial gain on the sale of the home, and their income exceeds federal limits. As to whether or not its enforced seems to be a very gray area with CHFA.