FHA Announces Additional COVID-19 Recovery Options for Homeowners
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.
View the following resources for additional information:
- Press Release, Including the “Federal Housing Administration Assistance for Homeowners Struggling Financially Due to COVID-19” Fact Sheet
- HUD COVID-19 Resources and Fact Sheets
- Read FHA Mortgagee Letter 2021-18 COVID-19 Recovery Loss Mitigation Options
- Visit HUD’s Pressroom for the latest HUD news and information
- COVID-19 Emergency Information for Housing Counselors