Help is coming to landlords that help their tenants during the COVID-19 epidemic.
The two largest mortgage GSEs, Fannie Mae and Freddie Mac, who collectively originate and insure a large portion of the multifamily commercial mortgage market, recently responded to the economic turmoil brought on by the COVID-19 virus by rolling out forbearance programs for qualifying multifamily borrowers.
The programs provide support to these multifamily owners in exchange for stipulating that they can’t evict any tenants solely on non-payment of rent during the COVID crisis.
While they both share many similarities, the more notable differences are found in the table below:
If you have an agency loan that you are worried about being able to pay because of COVID, chat with your agency lender about this program.
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