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Mortgage rates didn’t do much today (the average lender drifted subtly, and Wednesday’s CPI data has infinitely more power to move the needle anyway). So let’s take our time to focus on that. Take That is actually interesting and oh-so-timely.
Rumor:
FHA announces a new 40 year loan
reality:
FHA announced A loan modification option with a repayment tenure of 40 years
For those who already understand the difference between a loan modification and a new loan option, you are free to go and have a nice day. Everyone else won’t need to spend more than a few sentences to get up to speed.
A loan modification is a program offered by lenders designed to avoid more dire consequences when a borrower is struggling to make timely mortgage payments (i.e. foreclosure, short sale, etc.).
How did this rumor start? The reporters misinterpreted the initial news because, unlike everyone else reading this article so far, they either had no idea what a loan modification was or they somehow missed that the news only applies to loan modifications.
Based on what we’re seeing in the questions and comments this week, the rumor seems to have gained critical mass, despite the source material surfacing a month ago. Now that you know the truth, don’t hesitate to forward this article if you see that this rumor is being spread.
For those who want to see that they have figured it out on their own, you can simply use the following script and pretend like you wrote it yourself:
Greetings! <अफवाह फैलाने वाले बदमाश का नाम यहां डालें>,
It looks like the FHA news really only pertains to loan modifications, and not FHA mortgage options per se. https://www.federalregister.gov/documents/2023/03/08/2023-04284/increased-forty-year-term-for-loan-modifications ,
encourage,
<अपना नाम डालें>
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