Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
The federal unemployment rate was 13.3% in May. As Americans lose work amid the coronavirus pandemic, many are struggling to make mortgage and rent payments.
You may know that some companies are letting customers pause rent payments and apply for mortgage forbearance — but you might not know whether you qualify to pause payments, how to start the process, or how forbearance could affect your finances long term.
Federal mortgage lender Fannie Mae has launched a program called Here to Help for customers who need guidance pausing rent and mortgage payments during the coronavirus pandemic. The Here to Help section of the Fannie Mae website provides information and resources for customers.
“Folks have a lot on their mind,” said Malloy Evans, Fannie Mae Senior Vice President & Chief Credit Officer, “and we want to try to take any concerns that they have around making their mortgage payments or rent payments off of that list of worries for the time being.”
The Here to Help program is for Fannie Mae homeowners and renters
The Here to Help program is specifically for Fannie Mae customers homeowners with a Fannie Mae-backed mortgage and people who rent a property Fannie Mae finances. If the mortgage is backed by a company other than Fannie Mae, the program’s information might not be relevant.
“We try to provide clear explanations of the relief that’s available, how to get started, and then what to expect after the folks get back on their feet,” Evans said. “Similarly, for renters, there’s information to understand relief options and understand their rights as tenants.”
Here are the tools you’ll find on the Here to Help page: