No, There is NOT a New 40yr FHA Loan
Mortgage rates didn't do much today (the average lender drifted microscopically, and Wednesday's CPI data has infinitely more power to move the needle anyway) so let's take our time to focus on something that's actually interesting and oh-so-timely.
FHA announced a new 40 year loan
FHA announced a LOAN MODIFICATION OPTION that has a 40yr repayment term
For those who already understand the difference between a loan modification and a new loan option, you're free to go and have a great 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 outcomes when a borrower is struggling to make timely mortgage payments (i.e. foreclo
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