Homeowners facing forbearance status due to the COVID-19 pandemic will have new protections.
The Federal Housing Finance Agency and Freddie Mae and Freddie Mac announced a new option that will pave a way for homeowners to return to regular mortgage status on their own terms.
Under the payment deferral, borrowers can use this new option to return on making normal payments for missed payments when the home is sold, refinanced, or at the end of the mortgage term.
When the federal government enacted the CARES Act, it put into place special homeowner protections for stressed homeowners, allowing them to request a reprieve from their mortgage obligations.
Under the new plan, the federal agency and both Freddie Mae and Freddie Mac will offer new repayment methods to aid homeowners who’ve fallen behind.
These options include repayment plans, loan modifications, or reinstatements.
The group stressed that no homeowner should ever be required to make a lump-sum payment.
Homeownership shouldn’t be difficult. Even during unprecedented times, families and individual homeowners should have the peace of mind that their investment will be protected when necessary.
An FHA loan brings homeownership within reach with a program designed to speed up the mortgage process.
Lenient borrowing terms such as fair credit scores and modest down payment requirements are just some reasons why so many aspiring homeowners turn to an FHA loan.
If you reside in Boise and you’re thinking about buying a home, please contact us to learn more about this opportunity and fulfill your goals today.