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Fannie and Freddie HAFA Program

HAFA ProgramWho is Eligible - Document Library - HAFA Videos - Short Sale

Fannie Mae and Freddie Mac HAFA Program

Fannie Mae announced their own version of the HAFA program 

The borrower gets $1,500. 

Participating servicers will be required to report on their Fannie Mae HAFA activities to both Fannie and the Treasury and the program sunsets on December 31, 2012.

After announcing the program in October 2009, Treasury’s HAFA program began in April. The Fannie Mae HAFA program is the latest in a string of programs designed to help borrowers avoid foreclosure. In addition to HAFA and HAMP workouts, Fannie Mae is letting some distressed borrowers stay in their homes as renters, under the deed for lease (D4L) program.

Under D4L, the homeowner-turned-renter is required to pay fair market rent to stay in their home for up to 12 months. The renter must have enough income to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but could include renters eligible for Section 8 payments.

Fannie Mae and Freddie Mac HAFA Guidelines Recently Released!

Fannie Mae and Freddie Mac recently announced their Home Affordable Foreclosure Alternatives (HAFA) program policies and guidelines, which are mandated for implementation by all Fannie Mae and Freddie Mac loan Servicers starting August 1st.  The GSE’s implementation of HAFA should be a major catalyst for further growth in short sales, particularly HAFA short sales in 2010, 2011, and 2012 while the HAFA program is effective.

HAFA, which mandates deficiency forgiveness and provides $3,000 in borrower relocation support for qualified transactions, is the most pro-consumer program available and every short sale should first be evaluated for HAFA eligibility.

We can help!

The guidelines are fairly straight forward, but the instructions are complex. Call us and we can help you navigate through the process.

Contact us for help now 
Before it is too late

Contact us for more details!

Joan Wilson
Pacific Sotheby's International Realty

(760) 757-3468
Fax (760) 

CA  License # 01341483

HAFA Program - Who is Eligible - Document Library - HAFA Videos - Short Sale

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