Fannie Mae and Freddie Mac, which the FHFA oversees, will permit borrowers who went into forbearance due to the pandemic to refinance their loan or buy a new home as long as they’ve reinstated their mortgage and made three straight months of payments under their repayment plan, payment deferral option, or loan modification from their missed payments.
Also, there is no waiting period for borrowers who requested forbearance but ultimately were able to make their payment in full and on time, Fannie Mae notes.
“Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized,” said FHFA Director Mark Calabria. “Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as effectively as possible.”
“NAR applauds the FHFA and Director Calabria for taking additional steps to secure the U.S. housing market and ensure mortgage and refinance options remain available to creditworthy Americans,” said NAR President Vince Malta, broker at Malta & Co Inc., in San Francisco. “Homeowners who have been forced into forbearance by no fault of their own but continue to make payments should not be penalized because of this pandemic. With the real estate industry driving nearly one-fifth of our national GDP, assurances that homebuyers can access credit and capitalize on record low mortgage rates remain critical to America’s economic recovery.”
Some borrowers who are in forbearance have been under the impression that they would be shut out from qualifying for another Fannie Mae- or Freddie Mac-backed mortgage for up to 12 months after they exit forbearance. The CARES Act requires that mortgage servicers report borrowers as “current” on any loan that goes into forbearance due to a COVID-19 financial hardship.
Regarding Realestate sales in Southwest Florida ~ We continue to list and sell real estate. At our Team ☘ and Brokerage, we have been successfully working 100% virtually / remotely for the past number of years as we grew, so we have been used to this new requirement, and we just had our eXp shareholders summit, virtually, using VirBELA, which powers eXp World; our virtual campus.
About VirBELA and eXp World Holdings ~ VirBELA is an eXp World Holdings, Inc. (Nasdaq: EXPI) company, which also owns eXp Realty.
VirBELA is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit our website at www.itsTheFutureOfWork.Com and receive a free discount code.
eXp Realty, The Real Estate Cloud Brokerage, is the fastest-growing, global residential real estate company with more than 29,000 agents in the United States, Canada, the United Kingdom and Australia. As a subsidiary of a publicly-traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.
Article content from NAR (National Association of REALTORS) Newsletter Magazine and from other sources including Hoey Team ☘ eXp Realty
☘ Visit: www.itsTheFutureOfWork.Com ☘
Hoey Team ☘ eXp Realty COVID-19 Resource Page
On this page we are adding a list of Vendors for COVID-19 related items here in SWFL. Please let us know if there is a Vendor / Store we should add: www.VisitCollier.Com Feel free to share with anyone looking.
NOTE for Buyers and Sellers: On our "VIRUS FREE" Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com ? ?
For more Real Estate related information as we go through this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address/answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for me to create a regular Video Tour for ANY of the properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing: https://HoeyTeam.239RealEstateDeals.Com
CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7
Click Here for our most recent Market update Report for Southwest Florida and beyond.
We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.
Here is our informational Southwest Florida Website ☘
Barry is a CLHMS; Click Here to see how we help with higher end properties.
Please visit our Hoey Team ☘ Luxury Home Market Page by Clicking Here
Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible.
Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, whether it is for you or for a loved one, and we are able to help in a responsible social distancing way, we will certainly do what we can to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
Email us at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at (239)-360-5527
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Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”