Tue, Apr 25, 2023

While not as viral as the LLPA misinformation, there has been a fair amount of misinformation about a new 40-year FHA mortgage.  Understand, there is NOT a new 40-year FHA mortgage product.

On April 18, 2023, HUD issued a press release to announce the addition of a 40-year mortgage modification in conjunction with it’s partial claim option to its home retention options for struggling homeowners. This allows mortgage loan servicers to assist FHA forward mortgage borrowers who are behind on their mortgage payments due to COVID-19.

Read the full HUD Press Release here.