Jacksonville to Offer Low-Interest Florida Home Mortgage Financing

Attention, hopeful owners in the Sunshine State: things are looking up. First, Florida mortgage rates have decreased for the fourth straight week.

Now, word is speaking about various affordable housing issues in the state. For example, The Jacksonville Housing Finance Authority (JHFA) will issue bonds to help middle-income workers receive approval on Florida mortgage loans and buy homes in Duval County.

The JHFA will issue the single-family Florida home mortgage revenue bonds and use the proceeds to provide low-interest mortgage financing and down payment assistance. Individuals or families applying for the loans must meet income, credit and residency requirements, while being either first-time home buyers or buyers who have not owned a home in the past three years. Buyers must also maintain the home as their primary residence.

“As real estate prices across the country continue to rise, working professionals in our community have experienced difficulty purchasing a home for the first time,” said Mayor John Peyton in announcing the program.

Income limits vary depending on the size of the family and the home’s location. Annual household income for one- to two-member families cannot exceed $60,300, or $69,350 for families of three or more.

Potential home buyers can apply for the program through participating Florida home loan lenders starting in October.