RHS updated Chapter 18 of the SFH Guaranteed Loan Program Technical Handbook (HB-1-3555). Pursuant to the update, Section 5 of Chapter 18 has been expanded to include COVID-19 Special Relief Alternatives, which includes an option that targets a 20% reduction in the borrower’s monthly principal and interest payments by offering a combination of interest rate reduction, term extension, and mortgage recovery advance. To qualify, borrowers must: occupy the property; have been no more than 120 days past due on March 1, 2020; and have received an initial forbearance due to a COVID-19 related hardship prior to September 30, 2021. The COVID-19 Special Relief Alternatives are immediately available and will remain in effect until December 31, 2022.
Click to view the RHS HB-1-3555 Chapter 18 – Section 5: https://www.tenaco.com/wp-content/uploads/2021/07/RHS-HB-1-3555-Chapter-18-Section-5.pdf
