Can I get a new loan after forbearance?

Can I get a new loan after forbearance?

Homeowners who have been granted forbearance from making full payments on their Fannie Mae or Freddie Mac backed loans during the COVID-19 crisis may still be able to refinance or buy a new home when the crisis ends.

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will permit people to obtain a new mortgage under the following conditions.

• You entered into a Covid-19 forbearance with your servicer (lender) BUT continued to make all your payments AND are current on your mortgage – the borrower is eligible for a new refinance or new home purchase loan immediately.  Borrower must call their servicer and provide proof that the forbearance plan is removed
• You entered into a Covid-19 forbearance with your servicer (lender) AND chose not to make their payments– then you can contact your servicer and pay your mortgage current AND remove the forbearance plan. You would then immediately eligible for a refinance or purchase loan. Note you do NOT have to prove where the money came from to get current)
• You entered into a Covid-19 forbearance plan with your servicer (lender) AND chose NOT to make their payments, and you have NOT yet paid back your missed payments, and can not pay all of it back immediately. You will need to enter into some sort of pay back plan to pay back missed payments.  You will have to make at least 3 consecutive monthly payment in your pay back plan, after which you would then be allowed to do a new refinance or purchase loan. You will need to provide proof of the payment plan terms, and proof you made at least three consequtive payments on the plan.  

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YES, the counter top people! Equal Housing Lender. NMLS 274132, 322798. Cambria Mortgage lends in the following states: MN, WI, SD, ND, IA, FL, TX, CO, This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. (C) Joe Metzler