The Biden administration extended the addition of new COVID-19 mortgage relief options for homeowners with FHA home loans.
According to Fox Business, the new forbearance offerings will expire on Oct. 1, or when the COVID-19 National Emergency ends, whichever comes later. This will allow homeowners to enter forbearance through the end of the pandemic. The FHA announced it will also provide up to six months of additional forbearance for a HECM extension for those who requested forbearance between July 1 and Sept. 30. These borrowers will now have up to 12 months of COVID-19 forbearance or HECM extension.