Seller/Servicer Memorandum 23-08

Date:  April 14, 2023

From:  Michelle Graves
            Director, Mortgage Operations

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

Real estate commission
(Section 4006.12) 

AHFC is happy to announce that a borrower’s earned real estate commission can now be used for down payment and closing costs.  

The lender must document the funds with a copy of the fully executed final Closing Disclosure.  

Ratio of Debt-to-Income / Clarification when a borrower has a pending sale
(Section 4001.02)

If a borrower has a pending sale on their current principal residence, but the transaction will not close prior to the borrower closing on their purchase transaction, the current PITIA and the proposed PITIA must be used in qualifying the borrower for the new mortgage loan. 

However, AHFC will not require the current principal residence PITIA in the qualifying ratios as long as there is a copy of the executed contract for the current principal residence and confirmation that any financing contingencies have been cleared. The purchase transaction can’t be sold to AHFC until the borrower’s current principal residence has been sold.