EXTREMELY URGENT: Temporary Suspension of Conventional DPA Programs
Beginning TODAY April 6th, 2020 at the end of business, Chenoa Fund will temporarily suspend its conventional DPA programs due to Fannie Mae's policy regarding loans in forbearance. All conventional loans locked prior to the end of business today will be honored. Any conventional loans registered but not locked by the end of business today will be canceled. This announcement does not affect any of Chenoa Fund’s FHA offerings.
We sincerely apologize for the short notice, but as many are aware, the lending environment is changing rapidly in anticipation of the impact of the governmental intervention to slow the spread of COVID-19.
For any who may be unaware, on Friday Fannie Mae added a question to their FAQ.
Q16. Does Fannie Mae purchase loans that are in forbearance?
No. During the forbearance, the borrower is not making payments and the loan is not eligible for sale to Fannie Mae.
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