The Florida Housing Finance Corporation has relaunched its landmark program that offers up to $50,000 to homeowners who are paying far more than their homes are worth, or "Underwater" in their homes. .
Eligibility requirements are the same as the last time the program was in place, but instead of limiting applications to the first 25,000, this time applications will be accepted until the $350 million originally allocated when the program was launched back in September, is committed. There is close to $250 million still available, which means potentially 5,000 to 6,000 more homeowners could be helped.
"Since we first announced that the Florida Hardest-Hit Fund would implement a Principal Reduction program for homeowners who have remained current on their mortgages, we have been able to assist more than 2,400 homeowners with nearly $102 million," said Steve Auger, executive director of Florida Housing.
For more details and to apply for assistance, Click Here or call 1-(877) 863-5244.
The minimum qualifications a homeowner must meet to be considered for participation in the Florida HHF-PR program are as follows:
· Must be a Florida resident and a legal US resident/legal alien, and occupy the property as the primary residence;
· Must be current on the monthly mortgage payment-first mortgage payment cannot have been 60 or more days late within the past 24 months;
· Must have purchased the home prior to January 1, 2010;
· The unpaid principal balance for the first mortgage cannot exceed $350,000;
· The loan-to-value for the first mortgage must be greater than 125%-in other words, home must be more than 125% “underwater”; and
· The total household income, including all persons age 18 years and older who live in the home, must be less than 140% of the Area Median Income.