Penalties Deferred Loan programs- Future Lending

[Rahman Ch]

Hi, does anyone have any knowledge in regards to the deferred loan programs? I have heard that you can defer for three-four months, but are there any penalties associated with this? Would this impact your ability to get lending if you wanted to purchase something during this coronavirus pandemic? 

I wanted to defer but I don't want it to affect my ability to purchase during this time as I feel it is now a buyers market. Any information would be helpful. Thanks.