FHFA Offers Owners of Multifamily Properties Mortgage Forbearance if They Agree to Suspend Evictions

The Federal Housing Finance Agency (FHFA), the federal agency overseeing Fannie Mae and Freddie Mac, announced on March 23 that owners of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac would receive mortgage forbearance during the COVID-19 pandemic, under the condition that property owners agree to suspend all evictions of tenants unable to pay rent due to the impacts of COVID-19.

The agency specified that the eviction moratorium would remain in place as long as the property is in forbearance. FHFA also announced the agency will be providing flexible alternatives to current appraisal and employment verification requirements for buying, selling, and refinancing homes through Fannie Mae and Freddie Mac. These alternatives are meant to bring Fannie Mae and Freddie Mac’s policies in line with public health best practices established in response to the COVID-19 pandemic.

Read FHFA’s announcement at: https://bit.ly/2QJtQtO

Read FHFA’s new guidance at: https://bit.ly/39eLkVq