Single-family housing borrowers get some much needed relief from the USDA
DELMARVA – Another part of the announcement on Monday from the U.S. Department of Agriculture and Rural Development; they are extending COVID-19 relief for Single-Family housing borrowers.
We’re told this special relief measure provides new alternatives for borrowers to help them achieve up to a 20% percent reduction in their monthly principal and interest payments.
Now there will be new options for home buyers including interest rate reduction, term extension, and a mortgage recovery advance. The USDA tells 47 ABC, these relief measures will help make sure families have a better chance of getting into a home, and staying in their home; something they believe is essential. “It’s really rewarding to see that they don’t have to live in places that are dangerous, that these are safe affordable housing that we provide,” says Scott Kessel, Acting State Director for USDA and Rural Development. He adds, “These are people that probably wouldn’t be able to afford a home, and you get to see that relief on their face that they’re actually going to be a home owner.”
We’re also told, the Department of Treasury’s Homeowner Assistance Fund will provide relief to homeowners impacted by the COVID-19 economic crisis. These funds can be used for assistance with mortgage payments, homeowner’s insurance, utility payments and much more.
Funds are also being made available under the Rural Energy for America Program, which we’re told can help agricultural producers and rural small businesses to put towards renewable energy systems.