Fla. reopens program for underwater homeowners
First-mortgage eligibility requirements
• Legal Florida and U.S. resident who lives in the home
• Current on the monthly mortgage payment or 60-plus days late on a first mortgage within the past 24 months
• Property purchased prior to Jan. 1, 2010
• Unpaid principal balance up to $350,000
• Loan-to-value ratio greater than 125%
• Total household income less than 140% of the area median income (AMI) as provided by HUD.
TALLAHASSEE, Fla. (AP) – May 14, 2014 – Florida housing officials are reopening a program intended to help homeowners who owe far more on mortgages than their houses are worth.
The Florida Housing Finance Corporation announced this week that the online application for the Florida Hardest-Hit Fund Principal Reduction program (HHF) will re-open on Thursday beginning at 9:00 a.m.
Last year the program accepted 25,000 applications but only extended aid to more than 2,400 homeowners. Nearly $102 million out of an available $350 million has been spent.
Florida homeowners who have remained current on their mortgages but missed out on the opportunity to apply for the program last fall will be allowed to apply. Homeowners could get a break up to $50,000 if they qualify.
The online application will be available at the official Florida HHF Principal Reduction website.
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