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FHA gives borrowers flexibility to combat “unnecessary” effects of COVID-19 pandemic

The Federal Housing Administration (FHA) is making it easier for homebuyers financially affected by COVID-19 to qualify for a loan.

The administration told lenders Thursday it will grant underwriting flexibility in cases in which a borrower experienced a gap in employment or a reduction of income as a result of the pandemic — but has since financially recovered.

The flexibilities, which can be immediately implemented by lenders, mainly are expected to help hourly wage-earners, as well as self-employed borrowers.

Julia Gordon, commissioner of the FHA, in a Thursday statement said the changes will, “further efforts to facilitate recovery from COVID-19 details ⇒

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