FHA Expands Mortgage Eligibility for Borrowers Previously Affected by COVID-19
Industry Update
July 7, 2022
Source: U.S. Department of Housing and Urban Development
The Federal Housing Administration (FHA) announced on Thursday new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to the COVID-19 pandemic. Through updates contained in Mortgagee Letter 2022-09, salaried and hourly wage-earners, as well as self-employed individuals affected by COVID-19, who now have stable income will have a greater opportunity to purchase a home using affordable FHA-insured mortgage financing.
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