Florida Housing will soon be rolling out two programs to help distressed homeowners in Fort Lauderdale, Florida. This program was piloted in Lee County last year and will soon be available statewide.
There are two programs available: 1) Unemployed Mortgage Assistance Program (UMAP) and 2) Mortgage Loan Reinstatement Payment (MLRP) Program.
Mortgage Loan Reinstatement Payment Program (MLRP)
Under MLRP, loan funds can be used to bring the past-due first mortgage current on your Fort Lauderdale or Hollywood home current. Up to four months of mortgage payments can be paid under this program.
Broward county homeowners who are unemployed, underemployed or have had a reduction of income because of death, divorce or disability are eligible.
To be considered for these funds, you must meet eligibility requirements in three areas: 1) household eligibility; property eligibility; and, 3) mortgage eligibility. You must meet all criteria within each category to qualify. However, simply meeting all the eligibility criteria does not guarantee approval for assistance under either program. The mortgage company can still deny your eligibility.
Homeowner Requirements
1. Must be a Florida resident
2. Must be a legal U.S. Resident or a legal alien
3. Must ocupy the home as your primary residence
4. Must be unemployed or underemployed
5. Total household income must be below 140% of the area median income (AMI) this includes all income for persons living in the home who are 18 years and older)
6. Must have monthly housing debt that is more than 31% of the homeowners gross monthly income (monthly housing debt includes: mortgage principal, interest, taxes, insurance and homeowner association dues)
Click here for more information on Broward Florida Hardest Hit Program.pdf
