Waiver of First-Time Homebuyer Requirement in GO Zone Counties
Mortgages through the First Time Homebuyer Program have traditionally been available to first-time homebuyers only. But because of hurricanes Wilma and Katrina, Congress passed the Gulf Opportunity Zone (GO Zone) Act, which waives certain requirements in 13 Florida counties through December 31, 2010.
Congress also passed the Katrina Emergency Tax Relief Act, which designated Florida as a disaster area, allowing program dollars to be used to purchase a home as a replacement for one rendered uninhabitable due to Hurricane Katrina.
Waivers in 13 Florida Counties
The GO Zone Act treats 13 Florida counties as targeted areas and in those counties waives the first-time homebuyer requirement and increases the income and purchase price limits. Those 13 counties are Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach and St. Lucie.
To find out if you qualify for homeownership under the GO Zone and Katrina Emergency Tax Relief Acts, contact one of Florida Housing participating lenders.
For program one-pager, including increased income and purchase price limits in these 13 counties, please click here.
Click here for GO Zone program video