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FHA Announces Additional COVID-19 Recovery Options for Homeowners

July 23, 2021 Print ShareThis

On July 23, 2021, the Federal Housing Administration (FHA) announced streamlined COVID-19 recovery “waterfall” options to help homeowners with FHA-insured mortgages who have been financially impacted by the COVID-19 pandemic bring their mortgage current and remain in their homes. The simplified COVID-19 recovery waterfall allows mortgage servicers to offer eligible homeowners who cannot resume making their mortgage payments a reduction in the principal and interest portion of their monthly payments. The changes will provide those most in danger of losing their homes a path to deep and sustained recovery, including lower income individuals, families of color, and young, first-time homeowners who have disproportionately suffered financial hardships due to the pandemic.

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Tags: COVID-19 Housing Counseling Program