FHA loan borrowers struggling to keep up with their mortgage may soon be able to reduce their payments by as much as 25%.
The FHA launched the Payment Supplement option in response to high mortgage rates.
Lenders can offer the Payment Supplement starting May 1, and they have to start offering it by January 1, 2025.
FHA loan borrowers who are struggling to keep up with their mortgage payments will soon have a new option to help them avoid losing their homes to foreclosure.
Called the Payment Supplement, this new option can temporarily lower a borrower's monthly payment so they can get back on their feet after a financial hardship.
Persons:
—, forbearance, Charles Williams, Percy, you'll, Julia Gordon
Organizations:
FHA, Service, Finance, Federal, Administration