Fannie and Freddie have issued temporary guidance stipulating that borrowers will be eligible to refinance and/or buy a new home if they are in forbearance. In this video, we dive into this breaking news in a bit more detail to explain some of the nuances you should know if you are currently in mortgage forbearance or considering forbearance as an option.
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Fannie Mae and Freddie Mac loosen refinance restrictions to allow for homes in forbearance to be refinanced or for homeowners in forbearance to purchase a new home.
There are some things to keep in mind though. In order to qualify for a refinance you would need to be current on your mortgage. If a family has been granted a forbearance but continued to make their monthly mortgage payment or has reinstated their loan, they can now get a new home loan.
Whether it’s a purchase loan or a refinance, borrowers will be allowed to get a new mortgage after their forbearance has ended and they make three consecutive months payments on time under their repayment plan, loan modification or the deferral option.
Article referenced: https://www.marketwatch.com/story/mor…
If you have additional questions about mortgage forbearance or refinancing, please comment below or contact me directly.
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