New rules for Florida Hardest Hit Fund
Florida Housing Finance Corp. is overhauling the state's $1 billion mortgage assistance program, scrapping a number of restrictive eligibility requirements. The U.S. Treasury Department has to sign off, but here are some of the new rules.
â€¢ Homeowners who are more than 180 days behind on their mortgages will now be eligible for assistance, if their servicer agrees.
â€¢ Homeowners who owe more than twice as much as their home's current value will now be eligible for assistance.
â€¢ Mortgage payment assistance for unemployed and other struggling borrowers will double from six months to 12 months, with maximum payments doubling to $24,000.
â€¢ Lump sum financial assistance to help pay overdue mortgage balances will increase from $6,000 to $25,000.
â€¢ There is no longer a requirement that condo owners participating in the program belong to a condo building that is approved by Fannie Mae or the Federal Housing Association.
â€¢ Mortgages originated after 2008 will now be eligible for the program.