FHA Announces Additional COVID-19 Recovery Options for Homeowners

Streamlined COVID-19 Recovery “waterfall” includes broader payment reductions for those most in danger of losing their homes due to COVID-19 financial hardships

The Federal Housing Administration (FHA) announced on July 23, 2021 streamlined COVID-19 Recovery options to help homeowners with FHA-insured mortgages who have been financially impacted by the COVID-19 pandemic bring their mortgage current and remain in their homes. The simplified COVID-19 Recovery waterfall allows mortgage servicers to offer eligible homeowners who cannot resume making their mortgage payments a reduction in the principal and interest portion of their monthly payments. The changes announced today will provide those most in danger of losing their homes a path to deep and sustained recovery, including lower income individuals, families of color, and young, first-time homeowners who have disproportionately suffered economic hardships due to the pandemic.

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