The Federal Housing Finance Agency has recently announced that Fannie Mae and Freddie Mac will now allow borrower’s who went into COVID-19 induced forbearance to refinance their loan or buy a new home as long as they have made three straight monthly payments after their forbearance ends. In addition, last month Fannie Mae and Freddie Mac announced that they would begin buying loans that went into “first-payment forbearance”. This would mean loans where the borrower went into forbearance within the first month of the loan closing could be purchased by Fannie Mae and Freddie Mac. This policy was set to expire at the end of May, but the FHFA decided to extend it through the end of August 2020.
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