Kentucky USDA Rural Housing Mortgage Lender

  SFH Direct Loan and Grant Programs Monday, September 27 USDA Updates Guidance for Direct Loan Borrowers Impacted by COVID-19 PURPOSE The purpose of this notice is to announce the removal of the September 30, 2021 deadline for COVID-19 impacted Direct Loan borrowers to request mortgage payment assistance.  Direct Loan Borrowers may request assistance until the end of the National Emergency is declared Mortgage (Payment) Forbearance Guidance: Borrowers who experience financial hardship due, directly or indirectly, to the COVID-19 emergency may request and be granted an initial forbearance until the end of the National Emergency is declared. The initial forbearance period may be up to 180 days and the borrower may request an extension of up to an additional 180 days. Borrowers who received an initial CARES Act forbearance may be granted up to two additional three-month payment forbearances.  The borrower must request each extension individually. Borrowers who received a CO...

 WASHINGTON, July 23, 2021 – United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson today announced that the Department is extending the COVID-19 Special Relief Measure for USDA’s Single-Family Housing Guaranteed Loan borrowers. The USDA COVID-19 Special Relief Measure provides new alternatives for borrowers to help them achieve  up to a 20 percent reduction in their monthly principal and interest payments. New options include an interest rate reduction, term extension and a mortgage recovery advance, which can help cover past due mortgage payments and related costs.   Borrowers will first be assessed for an interest rate reduction, and if additional relief is still needed, the borrowers will be considered for a combination rate reduction and term extension. In cases where a combination of rate reduction and term extension is not enough to achieve a 20 percent payment reduction, a third option combining the rate redu...