22 May Holly Walther Lending Team: Fun Fact Friday – FHFA Forbearance Changes Announcement
Hey guys, happy Friday. It’s Holly and, well no Daisy. She is already at our Lake house, probably basking in the sun and super excited for the Memorial Day Weekend. But I wanted to bring you your Fun Fact Friday really quick before we all get started on our weekend. Earlier this week, the FHFA had a great announcement. They’re finally given us a little bit of direction on that great word we all know – “forbearance”. So guys, it used to – you had to have a 12 month payment history to be eligible to purchase or refinance a home.
Now they’ve given us some guidance and said, ‘okay, if you take advantage of the forbearance because you’ve experienced a hardship, once you’re out of forbearance and make three consecutive mortgage payments, you are eligible to refinance or purchase a new home.’
So this is great news for those out there that are really struggling. A lot of them weren’t taking advantage of the forbearance because they were concerned about how it would affect them in the future because prior to this announcement you’ve had to have a 12 month history. So that was really going to change the dynamics of their opportunity over the next 12 months once they came out of forbearance. As always, we are here for your questions. I hope you have a wonderful weekend with those you love most. And we will see you next week.