Need To Qualify For HAFA? There seems to be ALOT of discussion on the site about the new HAFA short sale streamlining program that went into effect on April 5th. I figure at least we can try to keep some of the discussion together on here! The HAFA or Home Affordable Foreclosure Alternatives program is part of HAMP (Home Affordable Modification Program) and is an attempt to streamline the short sale process that went into effect April 5th 2010. Buy adobe illustrator software for mac. Below we have also posted a general breakdown and information on the.

For the complete version. Here is the 'condensed' version we made up of the program, we now have a printable version of this breakdown along with a list of participating servicers and lenders on the preferred partners site! ***Program Update - Fannie Mae recently joined the HAFA program for short sales, follow this link for their specific docs and more information: - There were many new changes to the HAFA short sale program that just went into effect with this new supplement. We will update all general HAFA program guidelines shortly for our agents. There were some important improvements to the program - 1.) Verification of income is no longer required. In other words, borrowers do NOT need to prove that their payment is greater than 31% of their income.

Fannie Mae and Freddie Mac will not purchase or securitize mortgage loans that are secured by units in. Excess of Fannie Mae’s priority lien limitations. On a short-term basis, this alone does not indicate that the project. Recently the Federal Housing Finance Agency announced that both Fannie Mae and Freddie Mac are issuing new guidelines for mortgage servicers that will essentially consolidate all short sale programs into one streamlined program.

This is essentially a 'stated income short sale' 2.) Property does not need to be occupied 3.) 2nd position lien holders WERE capped out to receive a maximum of $6,000 OR6% as a contribution from the 1st (whichever is less). They now removed the '6%' from the guidelines completely.

(in other words, a $60K 2nd loan could NOW recieve up to $6,000 from 1st, where before the maximum allowed would have been $3,600).: Below is our basic breakdown of the. For a complete HAFA training portal, including Fannie Mae and Freddie Mac HAFA guidelines as well as training on the HAP Military short sale program, see the This is copyrighted content. Please DO NOT COPY or reuse this content in ANY way! Antivirus for mac - avast vs. totalav. HAFA - Home Affordable Foreclosure Alternatives • HAFA (Home Affordable Foreclosure Alternatives) is not the law. It is a set of guidelines servicers can elect to follow. • Went into effect April 5, 2010. • Does not apply to FHA or VA loans.

• Applies to 1 stlien holders (non GSE mortgages). • Fannie Mae and Freddie Mac have their own set of guidelines listed below. • Offers incentives to borrowers, servicers and investors.