Miami Realtor

Florida Underwater Borrowers Eligible for Portion of $350M Federal Funds

Wednesday morning, a first-come first-serve program administered by the Florida Housing Finance Corp will aid 10,000 eligible homeowners who can prove financial hardship.

According to the Real Deal, “borrowers must be current on their mortgage payments, U.S. citizens and Florida residents, have the home be their primary residence and owe 25 percent or more on their mortgage than the home’s value.”

There is no fee to apply, and there is an expectation for the program to expand in the future.

The Sun Sentential reports “Among the eligibility requirements: The first mortgage must have originated before 2010, the unpaid balance can’t be more than $350,000, and total household income must be less than 140 percent of the area median income. South Florida’s AMI is $46,648.”

The online application process will begin at 9 a.m. Wednesday morning. Go towww.principalreductionflhhf.org for more information.

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