Guild Mortgage & CalHFA 2nd loan

I am just begining to start the process with a 1st at Guild Mortgage (which I see from some posts here that they are the processor for CalHFA loans).

Does anyone have a history of how much CalHFA will demand for a successful short sale approval so I can estimate my HUD more accurately?

Thre are no easy short sales but from reading the CalHFA website and comments here, it appears they can be most difficult to deal with. I am hoping this does not prove out to be the case.

Thanks for any comments. Dawn

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Permalink Reply by Bryant Tutas on January 9, 2013 at 4:10am

If it's a Fannie or Freddie deal on the 1st then you will be limited to $6,000 regardless of what they want unless the buyer or seller pays more.

Find out how much is owed then use 6% or $6,000 whichever is less.

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