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.