The Department of Veterans Affairs announced this week that it is extending the timeframe for borrowers to request loan deferment.
According to the VA’s circular, servicers may continue offering loan deferment until July 1, 2023, thus pushing the deadline nearly two additional years. The original expiration of this option was supposed to occur on Oct. 1, 2021.
Under this option, the servicer defers repayment of the arrearages (principal, interest, taxes, and insurance) to the loan maturity date or until the borrower refinances the loan, transfers the property, or pays off the loan, the VA said.
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