Seller/Servicer Memorandum 23-16

Date:               November 16, 2023

From:               Michelle Graves
                        Director, Mortgage Operations

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

Appraisal Sketch 
(Section 2000.02.G)

AHFC has updated the requirements for the sketch on appraisals.  We will now only require a detailed sketch that includes interior walls, doorways and stair cases on the First Home Limited and VMP Loan Programs, when the borrower has business use of home. 

AHFC may also require the additional detailed sketch if there are questions or concerns regarding the layout of the property. 

4506-T Requirements
(Section 4002.04 and 8000.02)

An additional 4506-C will not be required at closing if the lender obtains IRS tax transcripts during the loan process. 

The 4506-C that is signed at closing needs to be left undated.  The lender must have the form completed with their name or the name of the servicer if servicing will be transferred and indicate the year or years for which the borrower’s income was used in underwriting the loan.  This additional closing 4506-C will be not required if the lender obtains IRS tax transcripts during the loan process. 

Self-Employment as secondary employment 
(Section 4002.04 and 4003.03)

Tax returns are unnecessary when the borrower is qualified and their income is solely from non-self-employment sources, as self-employment serves a supplementary and distinct income stream.  However, if the borrower is using an income restrictive or Bond program, then the tax returns will need to be provided.