1(1) Eligible Applicants who have not been declined by their mortgage servicer will receive assistance under the applicable Program(s) in the form of a forgivable loan. Applicants must execute Hardest Hit Fund loan documents before any assistance is provided. Assistance will be paid by Florida Housing directly to the Applicant’s mortgage servicer.
53(2) The assistance provided will be in the form of a 0% interest, non-recourse, deferred payment, forgivable loan. The loan will be forgiven over a five year period, starting at month 18, at a rate of 20% per year. If the home is sold or refinanced prior to the maturity date and there are sufficient funds to the Applicant out of the transaction, then the balance of the loan that has not been forgiven must be repaid.
