Should you decide to sell your home prior to the 5-year residency requirement being met, the remaining unforgiven loan balance must be paid through the loan proceeds at your settlement.
If you move out of the home or if you are no longer employed with the institution which qualified you for participation in the program, the remaining unforgiven amount will be converted to a loan at an interest rate of 3%. Monthly payments will be required until the balance has been paid in full.