FHFA Says Borrowers In Forbearance Can Refi, Buy New

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

The COVID-19 Virus has created many issue for the Mortgage Industry.  One of the most challenging has been with borrowers out of work and unable make their mortgage payments.  As a result guidelines have been created to allow homeowners to receive a forbearance for their mortgage payments.  But this remedy has in turn created a new issue with borrowers not being able to refinance or purchase a home if they have received a forbearance.  This week the Federal Housing Finance Agency (FHFA) changed their guidelines to address this situation.

Below is a news release on this recent guideline change.  FHFA now allows borrowers with a forbearance to refinance, or purchase a new home.  Also if you click on the article below it will take you to a website with more information on this guideline change, as well as some other related information.

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & a #FL Licensed Lender who can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

Comments (6)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

George Souto refinancing the loan can help many borrowers in forbearance.

May 19, 2020 09:16 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning George.

This is new to me, but I'm usually late a day or longer to the party

May 20, 2020 01:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi George... now that is great news! Thanks much for the update as I had not heard this until I read your post.

May 20, 2020 05:33 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning George Souto - I am sure that this is good news.  I will let people i know who might use your services.

May 20, 2020 07:49 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Thank you for all the comments.  This new guideline change is a step in the right direction.  Also this only applies to Fannie Mae and Freddie Mac loan programs.  FHA, USDA, and VA have not yet made changes to their guidelines to address this issue.

May 20, 2020 10:52 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

WOW! Thanks, George Souto for unraveling the pieces of yarn that seemed very tangled. 

May 20, 2020 04:33 PM