HAFA Enhancements

• Supplemental Directive 10-18 has reduced eligibility requirements so more borrowers may qualify
• Major eligibility improvements include:
- Eliminated the requirement to verify borrower’s financial information, including debt-to-income (DTI) ratio.
- Property can be vacant or rented up to 12 months prior to the Short Sale Agreement (SSA), as long as the borrower can prove the property was the primary residence and has not purchased another home in the last 12 months prior to SSA.
• Relocation no longer has to be work-related, nor is there a minimum distance requirement

- Payment to 2nd lien holders up to $6,000 remians, but the 6% requirement is eliminated.
- Agent commissions:

• Are not deducted from 3rd party vendor fees.
• Will be stated in the Short Sale Agreement.