PANAMA CITY, Fla. (WMBB) – On Monday, Governor Ron DeSantis announced the relaunch of the Hurricane Michael Recovery Loan Program to assist those who were impacted by the Category 5 hurricane in 2018.
“This $10 million will help over 660 families purchase homes,” said Governor DeSantis. “I was proud to support this program last legislative session and pleased it was included in the state budget I signed in June. I’d like to thank our Northwest Florida legislative delegation for their efforts in getting this critical funding across the finish line for their constituents.”
According to a press release from the Governor’s Office, the Hurricane Michael Recovery Loan Program will offer below market 30-year fixed rate first mortgages coupled with up to $15,000 in down payment (DPA) and closing cost assistance for qualified home buyers.
The release states DPA loans will be zero percent interest, non-amortizing and forgivable at 20 percent per year over five years. The DPA loan is fully forgivable if an active duty service person is officially reassigned and must sell the home.
Additionally, those eligible do not have to be a first-time homebuyer to qualify for this program, though the home must be owner-occupied. Interested homebuyers should contact one of Florida Housing’s Participating Lenders to start the process. This information can be found in the Homebuyer Loan Wizard on Florida Housing’s website at www.floridahousing.org.
PANAMA CITY, Fla. (WMBB) — Governor Ron DeSantis visited Panama City on Monday to make an announcement on affordable housing and hurricane recovery.