Seller/Servicer Memorandum 22-03

Date:  April 8, 2022

From:  Jan Miyagishima
            Director, Mortgage Operations


SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)

Property Requirements / Minimum Design
Section 2001.07.E

For a property to be eligible for financing, AHFC requires at a minimum, a designated living/kitchen area, a bathroom and a bedroom. 

All bedrooms must have an egress window, even if the bedroom is classified as a den.  Den/bedroom egress window exceptions must be submitted to AHFC for prior approval on a case by case basis. 

Earnest Money Deposits
Section 4006.07

When the borrower is receiving credit on the Closing Disclosure (CD) for an earnest money deposit, the lender must verify these funds. The lender must obtain a copy of the check and provide evidence the funds have cleared the borrowers account. If proof of check clearing cannot be provided, the lender must deduct those funds from the available balance.


Clarification on Program Documentation for Rural Non-Owner Occupied & Military Facility Zone Loan Programs
Section 5005.07 & 5014.07

Although the performance of the property (UND-203) is the main qualifying factor on these loans, AHFC still needs all borrowers to have a credit score of at least 620. The credit report must show acceptable credit worthiness. Down payment and closing funds must be sourced and seasoned.