Mortgage and Borrower Eligibility
The following mortgages are eligible for HAFA:
- First-lien mortgages, owned, guaranteed, or securitized by Freddie Mac that were originated on or before January 1, 2009.
- Eligible properties are single-family 1-4 unit primary residences, including condos, Guide-eligible manufactured homes, and negotiated conforming jumbos.
- Mortgaged property is not abandoned, condemned, or vacant (without an applicable exception).
Borrowers may be eligible for this initiative if they meet the following requirements:
- Borrowers must be more than 60 days delinquent and have cash reserves less than the greater of $5,000 or three times their current monthly mortgage payment.
- Borrowers must have first been considered for a HAMP modification and then for other Freddie Mac home retention options under Guide Chapter B65, but was either ineligible, did not complete, or declined the modification.
- Borrowers may be in foreclosure, in pending litigation involving the mortgage, or in active bankruptcy.
- Borrowers must be able to convey a clear, marketable title to the mortgaged property.
Other mortgage and borrower eligibility requirements apply as noted in Guide Section D65.3.
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