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Week of May 17th- Fannie, Freddie Announce Mortgage Deferral Program For Homeowners Impacted By COVID-19

May 17, 2020

Fannie Mae and Freddie Mac have announced additional relief options for homeowners struggling due to the COVID-19 pandemic. 

According to announcements from the two companies this afternoon, homeowners in forbearance can now request payment deferrals as early as July 1. This allows any missed payments to be made up at the end of the loan’s term, without any penalty or added interest.

The companies previously announced a plan to allow homeowners up to 12 months of forbearance—essentially letting anyone impacted by COVID-19 pause their mortgage payments for a full year. What would happen once that forbearance period ran out, though, was up in the air.  Read more.

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