The Homeowner Eligibility Requirements for HAFA
It comes as good news that most families facing the financial dilemmas of today are eligible for the HAFA program. The rule is, if a homeowner is eligible for HAMP, but they still cannot afford the payments, then they can do an assisted short sale through HAFA. The easiest way to do this is to have your real estate agent request a HAFA short sale on your behalf. As always, it is best that you have some education behind you before you get too far, so I have included the details for you.
For a loan to qualify for this option, it does have to be the primary residence, not an investment property. The Homeowner Eligibility Requirements of HAFA also state that the mortgage loan must have been originated on or before January 1, 2009. This is because at that time, there were already changes taking place that were aiding the homeowners get into better payments, lower rates, and FHA loans started to really take off. With the low rates and all the options becoming available, HAFA was just the icing on the cake.
As mentioned in one of my prior articles, the loans cannot be owned by Fannie Mae or Freddie Mac. The Homeowner Eligibility Requirements of HAFA also state that the loan must be delinquent or that a default is inevitable. This is smart coming from their end, because if someone can afford their home loan, then there is no reason to go through this process, or use the resources on those who don’t need them.
One of the major Homeowner Eligibility Requirements of HAFA is that the loan must be equal to or less than $ 729,750. This is important for many families to be aware of, as there were many who defaulted that were the least likely candidates. They are also looking to see that your payment exceeds 31% of your gross income. It seems so simple, but yet there are so many logistics or details involved. You just have to keep in mind that this is all designed to help, while stabilizing the economy. The last thing that needs to happen, is for things to get worse. While this won’t save the world, saving the home is pretty important and a good first step toward making things better.
For more information on HAFA, HAMPA, and short sales, you can go to www.inlandempireshortsaleresource.com. You will find some helpful information, and feel free to inquire with any questions.
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