FHFA Issues Guidance on Home Purchases, Refinancing While in Forbearance
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home.
FHFA says that borrowers are eligible to refinance or buy a new home if:
- They are current on their mortgage (i.e. in forbearance but continued to make their mortgage payments or reinstated their mortgage); and
- Three months after their forbearance ends, they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.
FHFA is also extending the ability of Fannie Mae and Freddie Mac to purchase single-family mortgages in forbearance. Fannie and Freddie are now able to buy forborne loans, with note dates on or before June 30, 2020, as long as they receive them by Aug. 31, 2020, and the loans have only one mortgage payment that has been missed. The previous policy was set to expire on May 31, 2020.
FHFA reports that the agency, along with Fannie Mae and Freddie Mac, will continue to monitor the impact of the coronavirus national emergency on the housing finance market and update their policies as necessary.
Latest from NAHBNow
Aug 22, 2025
NAHB Members See Big Savings in 2025 with New Discounts on Business Tools, AutomobilesWhether you're looking to cut business costs or make smart personal purchases, the NAHB Member Savings Program offers significant savings for members. And in 2025, NAHB has unveiled several new savings opportunities from leading companies including Best Buy, Ford, Mercedes-Benz, QuickBooks and RAM Trucks.
Aug 21, 2025
Santa Fe Students Build ‘Tiny’ Homes to Test Energy Efficiency CodesTo benefit the community and provide students hands-on construction experience, the Santa Fe Area Home Builders Association recently completed the Northern New Mexico Ice Box Challenge.
Latest Economic News
Aug 22, 2025
Slight Gains for Townhouse ConstructionTownhouse construction expanded more than 9 percent on a year-over-year basis per data from the second quarter of 2025.
Aug 21, 2025
Existing Home Sales Rise in JulyExisting home sales rebounded in July as mortgage rates retreated from the recent peak and home price growth slowed, according to the National Association of Realtors (NAR).
Aug 21, 2025
New and Existing Homes Remain Largely Unaffordable in Second QuarterWhile new homes remain largely unaffordable, builder efforts to improve housing affordability paid dividends in the second quarter of 2025, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI).