Florida Hardest Hit LogoApplications are now being accepted to assist Florida homeowners who are underwater on their principal mortgage. Homeowners who meet the program’s criteria will have the chance to instantly reduce their home mortgages by up to 50-thousand dollars.

The online application process for the Florida Hardest-Hit Fund Principal Reduction program has re-opened.

To qualify, a borrower must live in the home as a primary residence and be current on the mortgage, owe more than 125 percent of current market value, and have an average household income of less than 140 percent of the area median income.

Cecka Green of the Florida Housing Finance Corporation says the program is designed for homeowners who have been responsible during tough economic times.

The “Hardest Hit” program started last fall. Twenty-five 25-thousand applications were quickly accepted, and the program was closed to more.

But many of the initial applicants didn’t meet all the criteria.

Green says those who didn’t apply in time during the fall should do it now. Those who were denied can re-apply if their job status has changed.

To find out more, visit www.PrincipalReductionFLHHF.org.