Getting a Mortgage While in Forbearance
Did you know that if you have experienced financial difficulties because of the pandemic, and you asked your lender to allow you to go into forbearance (postponing your mortgage payments until a later date), you can still get a new mortgage for either a purchase or a refinance transaction?
Here are the details.
The rules are different for each category of loan – conventional, FHA, VA, and USDA – and they are different depending on whether you are trying to purchase or refinance. For refinances, the rules are also different depending on whether you are taking any cash out or not. And to make it more complicated, the rules change all the time.
Luckily, if you are receiving this email, you know someone who stays current on all the details (that would be us). If you are in a forbearance situation and want to purchase a house or refinance your existing mortgage, all you have to do is call, email, or text us, and we will be more than happy to explain the current rules, and help you with your new mortgage.
Life is not easy for a lot of people right now. Make sure you do everything you can financially to make things better. Housing is almost everyone’s largest expense, so contact us to see how we can make your life a bit easier.