Conventional Loans in Forbearance Status - Update #20-33

Conventional Loans in Forbearance Status - Update #20-33

Current rates

Program
Name
Conventional
Loan Rate
Government
Loan Rate
Military Home N/A 5.375%*
First Home Targeted 5.875%* 5.375%*
First Home 6.125%* 5.625%*
Homebuyer Assistance (HBA) 6.375%* - 1st loan
1.000%* - 2nd loan
5.875%* - 1st loan
1.000%* - 2nd loan
Welcome Home++ 6.875%* 6.375%*
Welcome Home Assistance (WHA)++ 7.125%* - 1st loan
1.000%* - 2nd loan
6.625%* - 1st loan
1.000%* - 2nd loan

Last changed 03/25/2024 at 9:00 a.m
*This is not an advertisement for credit as defined in Reg.Z; contact a participating NIFA lender for Annual Percentage Rate (APR) information. Rates are subject to change without prior notice. 

++An origination fee up to 0.50% of the loan amount may be charged by Lender.

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Conventional Loans in Forbearance Status - Update #20-33

Program Update #20-33 dated 12/15/20

NIFA is sending this Program Update to inform Lender Partners of a recent announcement from Fannie Mae and Freddie Mac ("the GSEs") that adds potential risk in connection with the closing, purchase and delivery of conventional loans that fall into a forbearance status due to COVID-19.

We plan to keep a very close eye on the development of this announcement and understand your organization will be assessing this ongoing risk for conventional loans, whether they are NIFA loans or not, and we encourage an open line of communication as we address the implications.

Please let us know if you have any questions.  Thanks for your partnership!