Seller/Servicer Memorandum 24-13

Date:  October 28, 2024

From:  Michelle Graves
            Director, Mortgage Operations

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

Social Security and/or Disability Income
(Section 4003.12, Section 5002.06.A, PRG-48)

Social Security and/or Disability income for dependents must be included when calculating disqualifying income on any income-restrictive program.  However, this income can also be included for qualifying if it can be documented to continue for at least the next three years. 

Service-Released Lenders – new forms
(Section 5008.07, Section 7010.10, Section 8001.02.A.9, Section 9001.03.B.2)

Alaska Housing Finance Corporation does not participate in MERS. The PUR-4 will require signatures from the closers and will be a condition of the commitment. It will be required prior to AHFC loan purchase. 

The PUR-76 will be required for any loan with the Renovation Option or Second Mortgage for Renovation for any Service-Released Lender.  

•    PUR-4 SR MERS Termination Agreement
•    PUR-76 SR Renovation Support Agreement