💥Unintended Consequences of
Mortgage Forbearance

Over 3.4 Million Loans are already in Forbearance.

The Cares Act allows mortgage customers to get a temporary suspension of their mortgage payment that does not get reported as a late on their credit.

When we are qualifying clients for a new home loan, we have to verify the past 12 months of mortgage history.

Although a forbearance is not a late on your credit,it is a non payment on your mortgage history.

This will affect this client’s ability to get a new home loan.

We continue to stress, Do not enter into a forbearance unless you absolutely have to.
It very well could affect your ability for a
new home loan in the future.

reggiegreen #teamgreen #forbearance #covid #coronavirus #coronavirusstimulus #mortgagereliefoptions #fairwayindependentmortgage #realestae #azrealestate #azhomeloans

Chase announced on Friday that they are changing their guidelines to only work with clients that have a 700 credit score and 20% equity.

Are Chase’s guideline changes a precursor that will happen across the industry?

Here are my thoughts…

🍀 Team Green
🐲 We Do Mortgages. Better.
⛳️ 480-704-4890
🌵 teamgreen@fairwaymc.com

fairwaymortgage #fairwayindependentmortgage #reggiegreen #chase #chasehomeloans #arizona #azmortgage #azmortgagelender #azmortgagebroker #azhomes #azrealestate #azhomeloans #scottsdale #scottsdalemortgage #scottsdalerealestate #scottsdalehomes #phoenix #phoenixrealestate #phoenixhomes #mortgage #homeloans #realestate #teamgreen

Team Green with Fairway Independent Mortgage. An Equal Housing Lender. 8390 E. Via De Ventura Blvd, Suite F-204, Scottsdale, AZ, 85258. NMLS# 229993. Fairway Independent Mortgage Corp. NMLS #2289. AZ-BK#0904162.