The Federal Housing Administration (FHA) has announced new and extended COVID-19 relief options for borrowers struggling to make their mortgage payments because of the pandemic and for senior homeowners with Home Equity Conversion Mortgages (HECMs) who need assistance to remain in their homes.
Specifically, FHA made the following changes, effective now:
“Our top priority is to help as many individuals and families as possible to recover from the COVID-19 pandemic and keep their homes,” Principal Deputy Assistant Secretary for Housing Lopa Kolluri said in a release. “For FHA, this means that we will continue to work through all of our channels - mortgage servicers, housing counselors, and our other federal partners - to ensure we get the positive outcomes struggling homeowners need.”
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