Different qualifying HAFA programs???
I have a question.
I am starting a HAFA shortsale with GMAC (Post Feb 1st). The negotiator just gave me the approved listing price with Minimum Net to the bank.
She said that there are 2 HAFA programs, (1) WITH an offer, (2) WITHOUT an offer.
She said that the HAFA WITHOUT offer requires 4 payments of 31%gross income during the SSA (Shortsale agreement) marketing period and will automatically postpone any FC sales date.
She also said that the HAFA WITH offer does not require 4 monthly payments and will not automatically postpone FC sale date if the approved minimum net is not met in the offer.
Lastly, she said that BOTH HAFA programs WILL give the borrower $3000.00 relocating funds at closing.
Does this sound correct??
I am also working a HAFA with USBANK (Post Feb 1st) and they just told me that there is only one HAFA program, not two, and that the borrower would absolutely be required to make the 4 months 31% payments to qualify.
Any up to date information or references would be helpful.
Thank you all
-Paul
Replies to This Discussion
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Permalink Reply by Cheryl Bray on
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Paul...there are actually three HAFA programs; Fannie Mae HAFA, Freddie Mac HAFA, and non GSE HAFA...you have to find out who owns your clients loan to know which HAFA program they fit into. That answer will help somewhat. HAFA program requirements are clearly spelled out. They don't differ by lender. They differ by who owns the loan. For example...you could be doing three BofA HAFA loans but all three are different, one might be a BofA owned loan, one a FAnnie MAE loan and one a Freddie Mac. BofA has their own loan portfolio and services loans for approx. 200 other lenders. So, the focus on GMAC and US Bank is not relevant to the answer you are looking for.
Additionally, your statement regarding submitting a HAFA short sale with an offer and without an offer is factually correct but this statement really refers more to a different HAFA process rather than a different HAFA program. Depending on which of the three HAFA programs you are doing will determine whether you can start HAFA with an offer or without an offer. Not all three of the HAFA programs allow that...ok...The non GSE HAFA program allows both methods. You can find this information online.
You need to check WHICH HAFA program you're doing and then follow those guidelines. Then you will understand why the lenders are telling you what they are telling you.
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Permalink Reply by Lori Young on
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? I am on my fifth HAFA file and none of my sellers paid any money. $3000 check issued at closing. Something is not right may want to ask for something in writing.
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