Tampa Bay homeowners
are now able to make application to a $1 billion mortgage assistance program
under new eligibility guidelines created to allow more people to benefit from
the federal plan.
Housing Finance Corp. approved changes to the Hardest Hit Fund in April and the
Treasury Department signed off on the changes in May.
could help the continued stabilization of the Tampa real estate market which is
on the mend and showing signs of improvement. A low inventory of homes has
helped level prices and in some areas home values are starting to rise.
new guidelines could go into effect, counselors from state agencies who deal
directly with homeowners and their Hardest Hit applications had to be trained
on the new standards, which increase the amount of money homeowners can receive
while eliminating some eligibility requirements. Many applications were denied
for requirements that no longer apply, such as mortgage payments more than 180
days past due or a loan obtained after Jan. 1, 2009.
Thursday, the new rules were in place and Homeowners who previously
applied for the program, but were not eligible at that time, may request their
application to be reconsidered by contacting the advising agency they initially
The Tampa real estate market was one of the hottest during
the housing boom.
The Hardest Hit Fund is meant to help for homeowners who are
looking for work or higher-paying jobs. Those who are eligible can receive up
to a year of mortgage assistance capped at $24,000, and up to $18,000 to bring
a mortgage current on payments. Homeowners seeking only to have their mortgage
arrearage paid can get up to $25,000.
Over 28,000 Floridians have completed applications for the
help and 5,747 homeowners have been approved across the State.
Terms of the program:
• Unemployment Mortgage Assistance provides up to a year of
loan payments with a cap of $24,000 and up to $18,000 that can be paid up-front
to bring a delinquent loan current.
• Mortgage Loan Reinstatement Payment provides up to $25,000
as a one-time payment to bring a delinquent mortgage current.
•Must be a Florida resident and a legal US resident/legal
•Must occupy property as primary residence.
Tampa Bay’s Agent-Tony Delgado RE/MAX Bay to Bay-South Tampa