Eligibility for Borrowers in Forbearance
Eligibility for Borrowers in Forbearance:
Payments will not be considered as past due/late if ALL of the following are met:
Fannie Mae/Freddie Mac **UPDATED**:
*Under resolution method ONE, there is no requirement for the borrower to have made 3 payments before continuing. The loan is eligible if the borrower brought the loan current in one lump sum, provided the source of funds are documented.
**If any type of loss mitigation resolution occurred, the borrower must make 3 monthly payments on time after the loss mitigation solution before becoming eligible for a new loan.
***Payments missed during the time of a COVID-19-related forbearance that have been resolved are not considered to be historical delinquencies for purposes of our excessive mortgage delinquency policies.
Flexibility does not apply to high LTV refinance loans, which must continue to meet the payment history requirements.
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For more immediate answers, please contact your AE.