New Home Loan Progams for Hurricane Michael Relief

May 22, 2019

The Florida Housing Finance Corporation is backing two new home loan programs to help Hurricane Michael victims. 

The first, the Homeownership Loan Program, will offer a 30 year fixed rate mortgage in addition to a $15,000 down payment. A total of $5 million will be available in down payment assistance loans for qualifying homebuyers.  

The second program is for builders and developers. The Florida Housing Finance Corporations is setting aside 1 million dollars. Homebuilders that participate in this will have the ability to reserve up to $35,000 in down payment and closing cost assistance.

The category 5 hurricane destroyed over a million homes and caused more than $25 billion in damage. The Housing Finance Corporation also recently announced it will give $30 million to five developers who will create 245 subsidized housing units.