The government-sponsored housing finance companies plans to allow such borrowers to defer part or all of their mortgage payments for up to 12 months while out of work.   Beginning March 1, Fannie Mae will require mortgage servicers to install a new program providing forbearance relief to unemployed borrowers.  Can provide up to 6 months of relief without approva from a government-sponsored enterprise.  Special consideration can be given to borrowers who require up to 12 months of forbearance.  Freddie Mac will begin offering 12-month forbearance plans Feb. 1.  Delinquent borrowers & others on the verge of default are eligible.  NO investment or 2nd home properties.   Forbearance plans must show borrower has less than 12 months worth of mortgage payments in reserve and has monthly  housing expenses above 31% of their income.

Programs to help professional educators & related jobs OR  a Texas hero such as full-time fire fighter, EMS, peace officer, corrections officer, county jailer or public security officer working in TX OR an individual at or below 80% of the Area Median Family Income.  Also must be a resident of the State of Texas, will be your primary residence, prove credit worthiness, no home ownership in past 3 years AND complete a HUD approved homebuyer education course prior to closing on the home loan.  When you are on HUD’s website you can narrow your search by entering your city and by selecting “Homebuyer Education Programs”.

MUST BE SURE TO FOLLOW IRS & LENDERS’ GIFT-GIVING RULES.  (1)  homeowners still need to come up with at least some of the down payment on their own.  Fannie & Freddie have different rules & you do not know which one the loan will be sold to.  (2)  you may need to document where down payment money is coming from.  Must be signed, dated, contact info & relation of donor to borrower.  (3)  if you have had the gift a long time, you likely won’t need to document it.  If the gift has been in your bank account 3 months or longer it is considered “seasoned” and will not require a gift letter.  Source of this information is from “Rules for Gifts to Home Buyers”, Newsweek, Dec. 2011.  AGAIN MUST GET WITH A COMPETENT LENDER – ONE THAT IS LOCALLY BASED.