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Can I use the Temple University Employee Home Ownership Program loan to pay off a balloon mortgage on my current home?

April 26, 2017balloon Home loan mortgage ownership pay program temple university employee

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Can I use the Temple University Employee Home Ownership Program loan to pay off a balloon mortgage on my current home?

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No. The “forgivable” loan must be used for a “new” home purchase; not to refinance your existing residence or to pay off any existing home loans.