On June 1 NAR provided a comments to HUD in response to its request for input on its proposal to allow the FHA to modify mortgages of distressed homeowners with a term of up to 40 years. REALTORS® believe, and NAR's Responsible Lending Policy(link is external) outlines, that a standard for determining a borrower’s ability to repay must be flexible to accommodate borrowers with unique circumstances. Allowing the FHA to modify the mortgages of distressed homeowners to a monthly payment that they can meet with a moderately longer amortization helps to support both homeownership and stability of the market.
NAR mits Comments to HUD in Support of New 40-year Mortgage Modification
Issue Date: June 01, 2022
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