JACKSONVILLE, Fla. – Duval County is one of just five counties in Florida where first-time home buyers are eligible to receive $15,000 to use for a down payment and closing cost assistance.
The U.S Treasury Department is providing $7.8 million dollars to 18 states to assist struggling homeowners in their communities.
The program is called the Hardest Hit Fund. While it is tailored for first-time home buyers, if you have not owned a home in three years, you are eligible.
Eligibility is based on credit score and income. But don't let that deter you. You can earn up to about $86,000/year to apply.
If you live in the home for five years, the entire amount is forgiven. Also, 20 percent or $3,000 is forgiven each year until you reach five years, so even if you sell before then, you will still have part of the debt forgiven.
For more information, go to treasury.gov.
Two Jacksonville realtors created a rap video to alert people about the fund, which they say few realtors are aware exists. Justin Timmon and Sabrina Wickham, with Watson Realty Corp., appeared as guests on The Morning Show to discuss the program.