White House announces additional relief for mortgage borrowers impacted by COVID-19

The White House announced Friday it will offer additional aid for mortgage borrowers who have been negatively impacted by the coronavirus pandemic; borrowers with government-backed mortgages are eligible for the enhanced assistance.

The Department of Housing and Urban Development (HUD), the USDA, and the Veterans’ Affairs Department will aim to provide borrowers with a 25 percent reduction in monthly principal and interest payments so that they can strive to make payments and mitigate any possible foreclosure.

This option is in alignment with aid offered by the Federal Housing Finance Agency (FHFA) for mortgages backed by the government-sponsored enterprises, Fannie Mae and Freddie Mac.

 

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