To ensure homeowners and renters have current and accurate housing assistance information during the COVID-19 pandemic, the U.S. Department of Veterans Affairs (VA) today, along with several other agencies, launched a new unified mortgage and housing assistance website. 

Veterans and service members with a VA home loan, other homeowners with a federally backed mortgage and tenants living in properties with a federally backed mortgage have relief options if they have been financially impacted by COVID-19. 

“VA is committed to ensuring Veterans and service members have the financial tools available to make decisions that work for their unique situations,” said VA Secretary Robert Wilkie. “This collaboration provides an invaluable resource, enabling all homeowners and renters to access up-to-date information regarding their housing needs during the COVID-19 pandemic.” 

The joint website with the Consumer Financial Protection Bureau, Federal Housing Finance Agency and the Department of Housing and Urban Development consolidates: mortgage relief options, protections for renters, resources for additional help and information on how to avoid COVID-19 related scams. It also provides tools for homeowners to determine if their mortgage is federally backed and for renters to find out if their rental unit is financed by Fannie Mae or Freddie Mac. 

During the COVID-19 pandemic, VA continues providing home loan services to Veterans and service members who have earned those benefits, working with lenders, servicers and appraisers on temporary measures to assist in processing and servicing VA home loans. 

These measures include offering alternatives for appraisers to determine property value in lieu of interior inspections and providing lenders with additional information to close loans remotely. Such alternative procedures help ensure VA borrowers can close on a home even during this pandemic and prevent foreclosures when possible. 

VA borrowers experiencing financial hardship due to COVID-19 can review VA guidance for borrowers and either request forbearance through the mortgage loan servicer collecting their monthly payments or call 877-827-3702 to speak with a VA Home Loan Representative. 

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Unfortunately, during times of hardship, families are often targeted by fraud artists attempting to take advantage of those needing assistance. The COVID-19 crisis is no exception, with many scammers pretending to extend a critical lifeline to struggling homeowners through so-called “foreclosure rescue fraud.”

According to Freddie Mac, this scheme involves bad actors offering false promises of being able to save your home from foreclosure. Common elements of this fraud include the following:

• Requiring you to sign over the title to your home.
• Asking you to sign unfamiliar documents and/or share your personal information.
• Charging you rent to stay in your home and/or potentially promising that you can purchase your home back when your financial situation improves.

Another common fraud involves a third party guaranteeing you a loan modification with a reduced mortgage payment. Such scams may operate similarly as foreclosure rescue fraud, as fraudsters collect an upfront fee and promise to work with your loan servicer on your behalf.
So what can you do to protect yourself?

• Don’t disclose. Never provide your information via phone or internet until after you have verified the caller or company’s identity.
• Be suspicious. If someone has contacted you asking for personal or sensitive information, do your homework to verify the validity of the request before providing any information. Contact your servicer (the company listed on your mortgage statement) and confirm that they called you asking for information.
• Spot imposters. Scammers across the globe can make any name or number appear on your caller ID or email. Protect yourself from spoofing by letting calls go to voicemail first. If a call is important, the caller will leave a message. If you do answer and it is a robocall, don’t press any numbers. Just hang up.
• Report fraud. Freddie Mac will never reach out to offer a refinancing opportunity or new loan over the phone. If you have been contacted by someone claiming to represent Freddie Mac, you can report it by visiting sf.freddiemac.com/working-with-us/fraud-prevention/feedback.

While there are fraudsters out there offering false promises, know that there is real assistance on offer during this crisis, too. Contact your loan servicer to discuss your options. If Freddie Mac owns your mortgage and you are a homeowner unable to make you mortgage payments due to a decline in income resulting from COVID-19, you can learn more about available mortgage relief options by visiting MyHome.FreddieMac.com.

Your family’s health is no doubt top-of-mind these days. However, it’s also important to remember that fraudsters are out in full-force, making your financial vigilance a crucial priority as well.

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If buying a home is on your near-future to-do list, experts say that 2020 may be a good year to make it happen. Mortgage interest rates are near historic lows, providing you with the opportunity to finance a new home purchase at a much lower cost.

According to a new forecast from Freddie Mac, mortgage rates will stay in the 3-4 percent range for all of 2020 and 2021, giving prospective homeowners substantial time to plan their purchase. This, combined with modest inflation and a solid labor market, makes for good climate to buy a home with a fixed rate mortgage. For those who are already homeowners, refinancing now may be a good idea.

“For those serious about homeownership, today’s sub 4 percent mortgage rates should not be taken for granted,” says Freddie Mac chief economist, Sam Khater. “For comparative purposes, in 2000, rates averaged eight percent; and in the 80s, they spiked to 18.5 percent.”

Khater stresses that while mortgage rates are an essential factor to consider in the home-buying process, there are other important items to think about as well as you lay the groundwork for your purchase. These include getting a firm handle on your finances, knowing your credit score (and taking steps to boost it if necessary) and familiarizing yourself with down payment options. For more information and tools on home buying and homeownership, visit myhome.freddiemac.

Whether you are making the jump from renting to owning, or looking for a home that better meets your current needs, now may be a great time to consider making your real estate dreams a reality. Today’s low rates could save you money for years to come.

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