The Florida Housing Finance Corporation (Florida Housing) announced this week that it has approved 118 loans totaling more than $1.7 million to help residents of the Panhandle buy new houses in the aftermath of Hurricane Michael.
Florida Housing’s Hurricane Michael Recovery Loan Program started in June and include “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” which “will be at zero percent interest, non-amortizing and forgivable at 20 percent per year over five years.” The loans are forgiveable for active duty personnel who have to move and love the region. Residents of Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington Counties who were impacted by the storm could be eligible for the loans.
Florida Housing Executive Director Trey Price weighed in on his organization’s efforts this week.
“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,” Price said.
The Hurricane Michael Recovery Loan Programs available are the following (interest rates may change daily):
Hurricane Michael Florida First: Interest rate of 3.5 percent for a 30-year, fixed rate first mortgage.
Hurricane Michael Florida Military Heroes: Interest rate of 3.25 percent 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 percent for a 30-year, fixed rate first mortgage.
Hurricane Michael HFA Advantage Loan Program: Interest rate of 4 percent for a 30-year, fixed rate first mortgage.