Presented by:

David WestcottDirector of Homeownership ProgramsFlorida Housing Finance Corporation

Mortgage Assistance for Florida Homeowners

• Federal government’s “Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets” (HHF)

• Funding for 18 states and the District of Columbia for foreclosure prevention assistance programs to address unique needs of each state

• Florida’s programs currently accepting applications:– Unemployment Mortgage Assistance Program (UMAP)– Mortgage Loan Reinstatement Program (MLRP)– Principal Reduction Program (HHF-PR) – Elderly Mortgage Assistance Program (ELMORE)– Downpayment Assistance Program (HHF-DPA)

Florida HFA Hardest-Hit Fund (HHF)

Unemployment Mortgage Assistance Program (UMAP)• Temporary bridge to pay mortgage/mortgage-related expenses• Up 12 months, cap of $24,000 (whichever comes first)• Must have a qualifying hardship

Mortgage Loan Reinstatement Payment (MLRP) Program• Used to help bring a past-due first mortgage current• Up to $25,000 available ($18,000 when used with UMAP)• Must have had a qualifying hardship and, if used without UMAP, must

be able to afford the mortgage payment moving forward

Approved approximately 15,000 homeowners (As of July 2015)

• More than $370 million committed

• Averaging 1,500 new applications per month

Unemployment/Reinstatement Programs

UMAP/ MLRP Requirements include:

• Florida resident and legal US resident/legal alien

• Primary residence

• Experiencing a qualifying hardship

• Household income below 140% AMI

• Housing debt of more than 31%

• No more than $5,000/3x monthly mortgage payment in unencumbered assets

• Serviced by a participating servicer/lender (as indicated by Florida Housing), regulated financial institution; no seller-financed mortgages

Eligibility Requirements (UMAP/MLRP)

• Homeowners apply using website: www.FLHardestHitHelp.org

• Applications are referred to an HHF Advisor Agency for eligibility determination

• Assistance: 0%-interest, forgivable loan; funds sent directly to the loan servicer

• Loan paid back if home is sold prior to end of loan period if sufficient proceeds are available

• Quarterly certification required by homeowner while participating in program (i.e., “quarterly touch”)

Application, Benefits, Assistance (UMAP/MLRP)

HHF-PR Program • Will pay up to $50,000 to reduce the principal balance of the

first mortgage for “underwater” homeowners

• Reduces the loan-to-value (LTV) of the first mortgage to the current fair market value of the home (subject to the $50,000 cap)

Principal Reduction Program (HHF-PR)

Eligibility requirements include:

• Florida resident and legal US resident/legal alien

• Primary residence

• Household income at or below 140% AMI

• Current loan-to-value (LTV) must equal or exceed 125%

• Borrower must be current on payments for the first mortgage for at least the past 24 months

• Outstanding principal balance of the first mortgage must be less than $350,000

Eligibility Requirements (HHF-PR)

• Homeowners apply at: www.PrincipalReductionFLHHF.org

• Applications are referred to an HHF Advisor Agency for eligibility determination

• Assistance: 0%-interest, forgivable loan; funds sent directly to the loan servicer

• Loan paid back if home is sold prior to end of loan period if sufficient proceeds are available

• After principal is reduced, borrower will either recast or refinance the loan to reduce the monthly payment

Application, Benefits, Assistance (HHF-PR)

ELMORE Program:• Assists senior homeowners with reverse mortgages who face

foreclosure due to non-payment of property-related expenses, such as property taxes, homeowners’ insurance and flood insurance (referred to as “property charges”)

• Pays up to $25,000 toward amounts advanced by the reverse mortgage lender to pay delinquent property charges, as well as up to 12 months in future property charges

Elderly Mortgage Assistance Program (ELMORE)

Eligibility requirements include:• A qualifying hardship such as a decrease in income, medical

expenses, disability or natural disaster

• A reasonable likelihood of recovering from the hardship

• Total household income of less that 140% AMI

• Primary residence

• Program information available at www.FloridaELMORE.organd the toll-free ELMORE Application and Information Line at 1-(800) 601-3534

Eligibility (ELMORE)

HHF-DPA Program:• Second mortgage program

• Not a stand-alone mortgage program; must be used with Florida Housing’s First Time Homebuyer (FTHB) Program

• Provides eligible borrower(s) with funds for down payment, closing costs and pre-paids, mortgage insurance premiums or as principal reduction to the first mortgage

Downpayment Assistance (HHF-DPA)

Eligibility requirements include:

• Borrower(s) qualifying for an eligible Florida Housing Homebuyer Program loan (FTHB Program) in the following counties automatically qualify (to be used with the FTHB program)

• Brevard

• Duval

• Hillsborough

• Orange

• Volusia

Eligibility (HHF-DPA)

• Borrowers can visit the Corporation’s website at www.FloridaHousing.org; click “Florida HHF” logo on homepage

• Click the link to the “First Time Homebuyer (FTHB)” Wizard; application is made through a participating lender with the FTHB program

• Five-year, deferred loan, forgiven at of 20% per year over the term of the second mortgage [provided borrower(s) is not in default]

• 0% interest rate

• Up to $15,000 in assistance available

• Mortgage and note exempt from intangible and documentary stamp taxes

• Higher program income and purchase price limits in counties

Application, Benefits, Assistance (HHF-PR)

Questions and Answers

Thank you!