The National Association of Realtors(r) has published the following outline of information, based on the CARE Act signed by the President on 3/27/2020, that directly impacts homeowners/investors:
- $1.25b for Section 8 voucher rental assistance for seniors, the disabled, and low-income working families, who will experience loss of income from the coronavirus
- $5b for CDBG to help communities and states address COVID-19
- $1 billion for project-based rental assistance to make up for reduced tenant payments as a result of coronavirus
- $50m for Section 202 Housing for the Elderly to maintain housing stability and services for low-income seniors
- $15 million for Section 811 Housing for Persons with Disabilities to make up for reduced tenant payments as a result of coronavirus
- Foreclosure moratorium on all federally-backed mortgage loans (Fannie Mae, Freddie Mac, HUD, VA and USDA) for 60 days (beginning March 18, 2020). Borrowers experiencing a Covid-19 hardship may request forbearance for up to 180 days, with an option for an additional 180 days, with no penalties of fees.
- Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have federally insured, assisted, or supplemented loan (Fannie Mae, Freddie Mac, FHA or any loans backed or assisted by any branch of the federal government, including LIHTC) may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period.
- Moratorium on eviction filings, or fees or penalties for tenants for nonpayment of rent for 120 days on properties insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, covered by the Violence Against Women Act of 1994.
- Borrowers of government-backed mortgages can request up to 360-day payment forbearance.
- Proof of hardship isn’t necessary.
- No additional fees, interest, or penalties can be assessed for the forbearance.
- Except for abandoned or vacant property, no foreclosure actions for 60 days from 3/18/2020.
- The stimulus bill may allow the Treasury/FHFA/Fed to create a potential liquidity facility for servicers, but the mechanics of how this access would work must ultimately be decided by the Administration.
Includes: VA, HUD, USDA, Freddie Mac, Fannie Mae, and for Conventional Loans that are possibly backed by Freddie or Fannie, the borrower should go to the two respective webistes and look up by their loan number to determine they qualify.
Links to look up your loan
Fannie Mae https://www.knowyouroptions.com/loanlookup