USDA COVID-19 Relief Information

The following information was provided to us by the USDA Rural Development program’s West Virginia staff:

“Our Finance office, NFAOC started approving moratoriums for Single Family Housing Direct Loans on 3/31 due to COVID-19. The moratorium lasts 180 days from that date (not the date of each borrower’s individual request and/or approval).  All moratoriums due to COVID end at the end of that 180 days which is around 9/30 give or take (counting out 180 days from 3/31). Borrowers have the option to request another 6 months at the end of that period if they need it.  That means, it’s possible a borrower could be on moratorium for 12 months if they need it due to hardships from COVID19. We are heavily counseling customers as to the moratoriums, letting them know that while the interest is waived that the Agency continues to advance funds for payment of their taxes and insurance and any fees that become due.  We also advise them that their loan payments will increase and the shorter amount of time they have left on their loan, the greater the increase may be.  We also advise them to get off of it as soon as possible.  If they get a job at the three month mark, they shouldn’t let it run for another three months. Instead, they should cancel moratorium and re-amortize the loan.”

You can find additional information at the USDA Rural Development site, here.