Short Sales – Which loans are eligible?

by Shannon Register, Broker/Owner on February 1, 2010

The Home Affordable Foreclosure Alternative Program (HAFA) will be providing short sale guidelines for loans not owned or guaranteed by Fannie Mae and or Freddie Mac starting in April 2009.  For the property to be eligible it must be the borrower’s principle residence, first lien mortgage originated on or before January 1, 2009, and the mortgage is delinquent or will be going delinquent in the foreseeable future.  The current unpaid principal balance must be equal to or less than $729,750.  The borrower’s total monthly mortgage payment has to exceed 31% of the borrower’s gross income.  Fannie Mae and Freddie Mac are expected to come up with their own guidelines soon.

Tags: , , , , , , , ,

About the Author...

Shannon Register, Broker/Owner

A native of Columbus, Georgia, Shannon has lived in the Houston area since 2004. She holds over nine real estate Certifications and Designations. Shannon is a regular contributor on 1070AM in Houston as well as the Prestige Properties Editor at USDailyReview.com.

You can read more about Shannon here.

Contact directly at 832.628.7355 or s@rrea.com.

No comments yet.

Leave a Reply