Yes, FHA loans are covered by the CARES Act. The Coronavirus Aid, Relief, and Economic Security Act is a federal law that was passed in March 2020 to provide economic relief to those affected by the COVID-19 pandemic. The act provides a range of benefits to homeowners, including those who have an FHA loan.
Forbearance for FHA Loans
One of the key provisions of the CARES Act is that it allows homeowners with FHA loans to request forbearance if they are experiencing financial hardship due to the coronavirus pandemic. Forbearance is essentially a temporary pause on mortgage payments. Under the CARES Act, homeowners can request up to 180 days of forbearance and can then request an additional 180 days if needed.
Benefits of Forbearance
Forbearance can be a lifeline for homeowners who are struggling to make their mortgage payments due to job loss, reduced hours, or other financial hardships caused by the pandemic. By pausing their mortgage payments, homeowners can avoid falling behind on their bills and potentially facing foreclosure.
How to Request Forbearance
If you have an FHA loan and are experiencing financial hardship due to the pandemic, you can request forbearance by contacting your mortgage servicer. Your mortgage servicer is the company that collects your monthly mortgage payments. They will be able to provide you with information about the forbearance process and help you determine whether you are eligible.
Other Benefits of the CARES Act for Homeowners
In addition to forbearance, the CARES Act provides other benefits for homeowners who have been impacted by the pandemic. These include:
Flexibility with loan modifications: The act provides flexibility for loan modifications to help struggling homeowners keep their homes. This includes allowing lenders to extend the term of the loan or change the interest rate.
How Mortgage Brokers Pro Can Help
If you have an FHA loan and are experiencing financial hardship due to the pandemic, Mortgage Brokers Pro can help. We are a mortgage company that specializes in FHA loans and can work with you to determine whether you are eligible for forbearance or other relief under the CARES Act.
Our team of experienced mortgage professionals can guide you through the process of requesting forbearance and help you understand your options. We also offer a range of other services, including mortgage refinancing and home equity loans.
At Mortgage Brokers Pro , we understand that the COVID-19 pandemic has been challenging for many homeowners. That's why we are committed to providing compassionate and personalized service to our clients. Contact us today to learn more about how we can help you navigate this difficult time and stay in your home.