| |
 |
| |
 |
How to Handle First Mortgage Refinancing
Agree to subordinate the junior mortgage that secures the AHP direct
subsidy to refinanced first mortgage. No subsidy would have to be repaid.
Transfer the retention agreements to the new lender on the same terms and
timetable. The new lender must also execute a Direct Subsidy Agreement with the Chicago Bank
to ensure repayment. No subsidy would have to be repaid.
Collect the unforgiven portion of the subsidy when the new loan
is closed if neither of the first two options is chosen.
|
|
|
|
 |
| Repayment Calculator |
| |
Please confirm that you have entered the correct dates and original grant amount.
This tool is designed to calculate repayments based on the Bank's repayment calculation formula. Calculations
by this tool are believed to be accurate, but we do not guarantee such accuracy and the results do not
constitute the official final repayment amount for any grant. The member institution is still responsible for
the actual full repayment amount or for returning any overage to the homebuyer, if applicable. Please contact
the Community Investment Group at (312) 565-5824 if you need further assistance in calculating a repayment
amount. The official final repayment amount will not be determined until all applicable documents
regarding the repayment have been received by the Chicago Federal Home Loan Bank.
|
| |
| |
|
|
| |
|
| |
|
|
|
|
)
