HAFA Occupancy Requirements

So... back in March, I read about Major Changes to the HAFA SS process.  Specifically, the occupancy requirements were to be removed from the qualification process.

However, I have yet to encounter a lender, bank, negotiator, processor or general Yahoo who knows anything about this.  I am told that 'this servicer' or 'this investor' still requires the home to be currently occupied.

Anyone have any insight?

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Permalink Reply by Becky Martin on May 23, 2012 at 1:35pm

Crazy how we have to educate the servicer!  They have to have lived there within the last 12 months and/or have an applicable

exception:  http://www.freddiemac.com/singlefamily/service/docs/hafa_bulletin_f...

http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/...

Permalink Reply by Drew Ludlow on May 24, 2012 at 7:26am

Thank you.  But I am actually referring to the HAFA updates announced on March 9th which remove the occupancy requirements altogether.  It also raises the $6,000 aggregate cap to $8500 (though I haven't seen anyone follow that either).

I originally saw it on a CDPE blog.

Permalink Reply by Becky Martin on May 24, 2012 at 12:43pm

Yes, and I heard it on a webinar that Making Home Affordable put on a few weeks ago too, but where is the exact written directive except what I put the links to stating that the property can be vacant but there has to be an applicable exception?

Permalink Reply by Drew Ludlow on May 24, 2012 at 2:29pm

I think if you Google Supplemental Directive 12-02, you will find it.  Though, I think it just removes PART of the occupancy requirements - not entirely.

Permalink Reply by Minna Reid on May 25, 2012 at 3:14am

Those changes don't apply to Fannie or Freddie loans. Who owns the loan?

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