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ARTICLE · 18 APRIL 2020

Freddie Mac And Fannie Mae COVID-19 Forbearance Programs

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Multi-family property owners that are borrowers from Fannie Mae and Freddie Mac may seek loan payment relief under the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

United StatesCoronavirus (COVID-19)
Scott Buser
Scott Buser
Xiaowen Qian
Xiaowen Qian
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Multi-family property owners that are borrowers from Fannie Mae and Freddie Mac may seek loan payment relief under the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Forbearance is available for a period of up to 90 days. In return, property owners must commit, among other things, to not evict a tenant based solely on non-payment of rent as a result of the pandemic crisis.  

1. Fannie Mae Program.

  1. Who qualifies? To qualify for the forbearance, a loan must be current as of February 1, 2020. Lenders and servicers will review the current financial condition of borrowers using prudent commercial underwriting standards, such as reviewing rent rolls and collections when making the determination of whether the relief is warranted under the circumstances.

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