I think HAFA is only for primary residences, but I do have a HAFA 2 unit right now, but the seller lives in one unit.
No, the property is not eligible for HAFA. Please see page 6 of this document: http://realestateagent.bankofamerica.com/content/documents/Cooperat.... HAFA is only for an owner occupied primary residence.
thank you both, I was kinda thinking same thing.....what a mess
Actually under the new HAFA guidelines that went into effect on June 1 the property does not have to be owner occupied, if the property has a tenant then the tenant is the one that gets the incentive and if it is vacant then there is no incentive.
You may be eligible for HAFA if you meet all of the following criteria:
i just got this reply form WF: "With the new HAFA directive as of June 1 there is no occupancy rule to qualify for HAFA. The occupancy will determine who actually is eligible for the $3000 but they can still qualify for HAFA"
I don't think investment properties are eligible. The current guidelines do not say anything about investment properties being eligible. It is probably a moot point. I had a seller be turned down due to being out of a primary residence for more than 90 days even though the Treasury Department had changed that rule to 12 months several months earlier. The lenders are way behind the changes in terms of processing the short sales.
I'm leaning on agreement with Jim here. I think if it was bought as an investment property, it's not eligible. If it was bought as a primary and the homeowner had to move and put a tenant in, it COULD be eligible, but I am *NOT* a HAFA expert by any means.
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