What happens when I sell, refinance or rent my home?
Households receiving assistance to purchase their first home through the City's First Time Home Buyer program will need to repay assistance provided when selling, refinancing or renting their home.
The City of Billings does not subordinate loans obtained through the First Time Home Buyer program. Therefore, you must pay back the full amount of the loan to the City when selling or refinancing your home.
Homeowners may write a letter addressed to the Community Development Board making a case for subordination. The request for subordination would then be added to the next Board meeting agenda for review and action. If approved by the Community Development Board, staff would create a City Council memo requesting approval of the subordination. If approved, staff would facilitate the necessary documentation to complete a subordination. The process takes up to two months to complete.