The Jacksonville Housing Finance Authority has approved a program to provide financial assistance to moderate income workers purchasing homes in Duval County.
“As real estate prices across the county continue to rise, working professionals in our community have experienced difficulty purchasing a home for the first time,” said Mayor John Peyton. “This exciting program is a way to help overcome some of the barriers to homeownership in our community, which is one of my top priorities.”
The JHFA will issue Single Family Mortgage Revenue Bonds, the proceeds of which will be used to provide low interest mortgage financing and down payment assistance to eligible homebuyers.
To qualify for the program, an individual or family must meet income, credit and residency requirements. They also must be either first-time homebuyers, or buyers who haven’t had ownership in a principle residence within the preceding three years. Buyers must also agree to maintain the home as their primary residence.
Income limits vary depending on the size of the family and the location of the home. For example, current annual household income for one to two member families may not exceed $60,300 and $69,350 for families of three or more. Purchase prices may not exceed $247,500.
Lenders interested in participating in the program may contact Wight Greger, Housing and Neighborhoods Department, at 588-0172.
Homebuyers will have the opportunity to apply for the program through a list of participating lenders beginning in October 2006. Interested buyers may call 588-0172 to be placed on a list to be contacted once more details become available.