The first federal checks to families could be $3,000 for a family of four under the plan the Trump administration has proposed to Congress in response to the coronavirus pandemic. The virus relief plan is aimed at helping Americans without paychecks avoid foreclosure and other financial hardships and preventing businesses from sliding into bankruptcy.

President Donald Trump has already signed into law a $100 billion-plus bill to boost testing for the coronavirus and guarantee paid sick leave for millions of workers.

Congress is rushing to compile the sweeping economic rescue package, the biggest undertaking since the 2008 recession and financial crisis, in a matter of days.

The payments would be $1,000 per adult and $500 per child so that a family of two parents and two children would receive $3,000, Treasury Secretary Steven Mnuchin told Fox Business Network. The goal is to get that money out in three weeks, he said.

Families will receive an additional identical payment six weeks later if the national emergency still exists. Officials have previously said the money is expected to be allocated by income level, to exclude the super-wealthy.

Details on Trump’s economic rescue plan are still being worked out and is expecting to cost over $1 trillion, lawmakers said. The first set of checks to the American public will start being deposited on April 6, with a second wave in mid-May. The emerging package will also aid businesses to help keep workers on payroll and is additionally expected to include medical supply relief. President Donald Trump has invoked war-time authority to ramp up output of vital medical supplies and erect temporary field hospitals under the Defense Production Act.

Do you agree with this course of action to give financial relief to American families?  
We are in uncharted territories and our government wants to keep people in their homes during this national emergency. President Donald Trump announced today that the Department of Housing and Urban Development is suspending all foreclosures and evictions until the end of April.

“The Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April,” Trump said.

The Federal Housing Finance Agency also announced that it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days. This applies to homeowners whose single-family mortgage is backed by either Fannie Mae or Freddie Mac.

If you are a borrower affected by the coronavirus and now having difficulty paying your mortgage, it is highly advised to reach out to your mortgage servicer as soon as possible.

A good option is called payment forbearance, which would allow affected borrowers to suspend their mortgage payment for up to 12 months due to hardship caused by the coronavirus.

The housing industry is banding together to protect homeowners, renters, the housing economy and our professions. Please call our team at Focus Capital Funding if we can be of any assistance! We are all in this together.

Focus Capital 1-888-758-3004  
Italy has experienced the highest level of outbreak in the world of COVID-19. According to Johns Hopkins University, Italy has over 15,000 cases, and more than 1,000 people have died.

As a result, Italy is, so far, the only government to introduce a plan to suspend mortgage payments and other bills for people affected by the coronavirus pandemic lockdown. Unfortunately, this is not a viable option in America.

America’s mortgage market is around $11 trillion in mortgages compared with Italy’s $423 billion of outstanding home-loan debt. Additionally, most American mortgages are packaged into bonds with legal terms to determine if they can offer forbearance. An agreement to let borrowers either pay at a lower interest rate or suspend payments temporarily because of a hardship is on a very case-by-case basis. Any missed or reduced payments will still need to be paid off during the remaining years of a loan, with interest.

“To meet the needs of borrowers who may be impacted by the coronavirus, last week Fannie Mae and Freddie Mac reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” said FHFA Director Mark Calabria. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer.”

If our team at Focus Capital can be of any assistance, please call us. We are dedicated to providing answers to your concerns and coming up with personalized solutions. We are a resource for everyone in the mortgage industry who has questions on difficult situations and on complicated loans. We understand these uncertain times create anxiety. Hopefully it is reassuring to know we are all in this together.
Mortgage rates have been incredibly low and data shows, they just dropped even more.

The average 30-year fixed-rate mortgage clocked in at 3.37% on Friday, according to Nerdwallet. This is down 38 basis points over the month, the lowest 30-year rate on record for the survey.

The dip has made buying a home significantly more affordable for the average buyer. Rates have also opened the door for major savings on refinancing. There are over 11 million high-credit homeowners right now eligible to take advantage of these low rates and save on their mortgage rates by refinancing.

Major California cities like San Francisco, San Jose, San Diego, Los Angeles and Sacramento rank extremely high for refinance savings.

Buyers and homeowners in hopes of even lower rates should act now while the rates are so low. We recommend you lock in and not look back. Our Focus Capital Loan Officers have over 50 years of combined experience in residential loans with a specialty in refinancing. We know you will want to take advantage once you discover how much you can save on your mortgage payment.

Contact us today: 1-888-758-3004