Seller/Servicer Memorandum 23-12
Date: September 5, 2023
From: Michelle Graves
Director, Mortgage Operations
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)
Second Mortgage Program Updates
AHFC has increased the term for the Second Mortgage Program. A borrower can now go up to 30-years.
This section has also been updated with more guidance on the process and required items for the program.
Term Section 5008.04.B
- Up to a 30-year term
Interest Rate Section 5008.04.C
- 0-15 years - 15-year My Home or Rural rate plus .500%
- Over 15 years - 30-year My Home or Rural rate plus .500%
Proposed Improvements Section 5008.05.D
- Cost estimate will need to be provided.Clarification on escrows for completion.
Underwriting Section 5008.06
- Manual underwriting guidelines have been added.
Program Documentation Section 5008.07