Seller/Servicer Memorandum 22-06

Date:        June 30, 2022    

From:        Jan Miyagishima
                 Director, Mortgage Operations

(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)

Homebuyer Education (Section 1004.09 A & B)

Effective July 1, 2022, Homebuyer education certificates are now valid for three years. 

Affordable Housing Enhanced Loan Program/AHELP (Section 7000.01)

A statement has been added to the introduction section to clarify when a lender must follow the requirements of this option. 

In order to waive the homebuyer education and home inspection requirements, the borrower must contribute 5% of their own funds into the transaction or have 6 months payment reserves. 

Non-Occupying Co-signer Clarification (Section 1004.03)

The co-signer will be required to sign the Note only. 

Co-signers cannot occupy the property or be in title.  Co-signer income may be used to qualify for the loan, but will not be counted to disqualify on income restrictive programs as they will not be part of the household income. 

If the co-signer is not a close relative and/or the borrower has lived with the co-signer, the lender must get prior approval from AHFC to proceed. 

Allowable Programs:

My Home (Section 5000.02)
Rural Owner-Occupied (Section 5001.02)
First Home Limited (Section 5002.02)
Veteran’s Mortgage Program/VMP (Section 5003.02)
First Home (Section 5004.02)