[quote=asianautica]Oh, I missed the repay part. You only have to repay if you plan to sell the house in the future, right? I’m not too familiar w/ this.[/quote]
No, you have to repay regardless whether you stay in the house or not. But if you sell the house, you have to repay when you sell. Otherwise, it is a 15-year interest free loan.
IF the above house bill gets passed as it is, for those who closed at Jan 2, you don’t have to repay a single cent. So I could have delayed my closing date by a single day and saved $7500! And in your case, if you delay it by a week, you would have saved $7500.
