Select a State · Member since 2010 · 48 posts · 4 votes
I'm just about to get an approval on a SS and the negotiator came back and said the borrower qualifies for HAFA. They sent along some paperwork to fill out and I'm not seeing anything that looks bad on it. Borrower would get 3k in relocation assistance. I know like a year ago HAFA was not good and I had borrowers opt out of it. How about now, am I missing something?
The HAFA deals I've dealt with seem to ALWAYS have a BPO that is out of wack. It's so much higher than the actual value. Keep in mind you'll HAVE to hold the property 90 days.
HAFA is still a garbage program but some lenders will work it better than others. If its a BofA HAFA, dont go HAFA unless youre prepared to spend the next year waiting it out. And yes - for whatever reason all HAFA bpo's come in at outrageous values.
HAFA is definitely getting better. We are getting our homeowners approved into HAFA and going to closing walking out with $3,000. It's a great program and I always recommend getting the homeowners into it because it waives their deficiency.