Hurricane Michael Homeownership Housing Relief Receives 118 Loans Programs Focus Dollars on Homebuyers
TALLAHASSEE, FLA.- Over $1.7 million has been reserved for 118 loans through Florida Housing Finance Corporation’s (Florida Housing) new homeownership programs in the following Hurricane Michael impacted counties: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington. Earlier this summer, Florida Housing made $5 million available to those looking to buy homes in the area ravaged by the storm and to date, more than $1.7 million has been committed to homebuyers in need of down payment and closing cost assistance.
Launched in early June, the Hurricane Michael Recovery Loan Program offers below market 30-year fixed rate first mortgages coupled with up to $15,000 in down payment (DPA) and closing cost assistance for qualifying homebuyers. DPA loans will be at zero percent interest, non-amortizing and forgivable at 20 percent per year over five years. The DPA loan is fully forgivable if an active duty serviceperson is officially reassigned and must sell the home. Also, those eligible do NOT have to be a first-time homebuyer to qualify for this program, though the home must be owner-occupied.
Florida Housing Executive Director Trey Price said, “Florida Housing has injected millions of dollars for rebuilding rental stock and these Hurricane Michael homeownership and down payment assistance programs will assist with rebuilding the Panhandle single-family market. These low interest loans help Floridians impacted by the storm obtain stable, affordable housing.”
The Hurricane Michael Recovery Loan Programs available are the following (interest rates may change daily):
- Hurricane Michael Florida First: Interest rate of 3.5% for a 30-year, fixed rate first mortgage;
- Hurricane Michael Florida Military Heroes: Interest rate of 3.25% for a 30-year, fixed rate mortgage designed to help both veterans and active duty military personnel;
- Hurricane Michael HFA Preferred Conventional Loan Program: Interest rate of 3.875% for a 30-year, fixed rate first mortgage; and
- Hurricane Michael HFA Advantage Loan Program: Interest rate of 4% for a 30-year, fixed rate first mortgage.
