FHA announces extension to COVID homeowner protections

FHA announces extension to COVID homeowner protections

FHA announces extension to COVID homeowner protections
Homeowners with FHA-insured mortgage previously had until October 30 to request a forbearance on their loan from their lender. Now, they have until December 31. In an announcement from The Federal Housing Administration and the U.S. Department of Housing and Urban Development, the date extension is being offered to FHA-mortgage holders who have had a financial impact due to the coronavirus pandemic.

According to the guidelines from the FHA, mortgage lenders are required to provide homeowners who request assistance with up to a year of forbearance.

In a statement HUD Secretary Ben Carson reiterated the FHA’s commitment that no American should fear losing their home in the midst of the pandemic.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

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