Bradenton Real Estate

May 1, 2012

Updates to Florida’s Hardest Hit Program for Underwater Homeowners

Florida Hardest Hit Program UpdateThis past Friday, April 27, 2012, Changes to the eligibility requirements for Florida‘s Hardest Hit Fund Program were approved by the Florida Housing Board.  

Even after passing through the Florida Housing Board, the changes to Florida’s Hardest Hit Fund Program will not take effect until the US Treasury reviews, approves these changes, makes changes to their systems, and trains their staff.

Approved changes to Florida’s Hardest Hit Fund include:

  • Increase of time period for homeowners to receive assistance increased from 6 months to 1 year.
  • Cap for allowance to bring a loan current increased from $6000 to $18,000.
  • Monies to bring a loan current will be given to the homeowner upon approval instead of later in the process, helping to minimize the damage to the homeowner’s credit.
  • Monthly expense limitation of 31%, to qualify for money to bring the loan current, has been removed.
As of April 1, 2012, in Florida, nearly 90 million dollars has been earmarked to assist approximately 4,955 homeowners.

For more information or for an application visit: https://www.flhardesthithelp.org/ 

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