HAP short sale buyer with VA financing
My husband is a retired veteran and has qualified for va financing of a home. All of our paperwork has been submitted and approved. We have a signed offer dated May 20, 2010 for a townhouse in Las Vegas. The seller is military and has been reassigned to a different location. This purchase is going through the HAP process, however a case manager / HAP person has not yet been assigned. I assume the seller has sent all documentation nessesary to HAP. How long will this process take? What is the process of the VA / HAP? Does VA financing have any effect on the HAP process?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Hi - HAP could take two - six months for approval depending on their current backlog. Your contract being based on a VA loan would have no effect. Best of luck!
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Permalink Reply by Karen Butler on
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You can verify, through your agent that HAP has assigned a case # to the file. That is how the listing agent will track the process. And it can take around 90-120 days. Your financing has no bearing on the process. Bear in mind also, , HAP does not cover all closing costs, so, depending on your contract they could come back and say certain cost must be borne buy the buyer, and you will have to sign an addendum to make that change. HAP is there to help bridge the gap between market value and appraised value. So they have formulas and processes in place to determine the amount needed and allowed.
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