Forgiveness

Your loan is evenly forgiven over five years on your anniversary date.

The loan is not prorated.  For example, if your anniversary is October 5, and you are selling your home on September 15, you will have to pay the entire year of the forgiveness that is due.

The loan is forgiven over a five-year period according to the following schedule:

• After 1 Year: $6,000 Owed
• After 2 Years: $4,500 Owed
• After 3 Years: $3,000 Owed
• After 4 Years: $1,500 Owed
• After 5 Years: $0 Owed