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.