Seller/Servicer Memorandum 21-03
Date: 30 July 2021
From: Jan Miyagishima
Director, Mortgage Operations
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)
3 year address history documentation for First Home Limited & First Home
AHFC has updated the documentation that is required to verify a borrower has not owned a home in the last 3 years. Lenders must do their due diligence to verify the borrower has not owned a primary residence in the last 3 years. Rental history should be verified with a Verification of Rent (VOR). In addition to the VOR, the credit report, loan application, income documents and asset documents should be closely reviewed for address and mortgage history; and the file should contain documentation to address any discrepancies.
Reminder: The First Home Limited and First Home programs require a 3 year address history on the 1003.
First Home Limited
We will still require the most recent year’s federal tax return (including all W-2's) unless AUS findings require additional returns. The lender must retain that documentation in their loan file. If using FHA/VA/RD/HUD-184, the lender must follow the agency guidelines.
Follow AUS findings for the income & tax return requirements. The lender will need to verify the 3 year address history using the guidance provided above. If using FHA/VA/RD/HUD-184, the lender must follow the agency guidelines.