Seller/Servicer Memorandum 25-03

Date:        May 14, 2025

From:       Michelle Graves
                 Director, Mortgage Operations

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

APPROVED MUNICIPALITIES COMPLYING WITH AS 18.56.300
(APPENDIX – APPROVED MUNICIPALITIES)

The Approved Municipalities list has been updated to reflect that only Service Area 1 in Petersburg complies with AS 18.56.300.  If the property is in Service Area 2, the PUR-102 is required.  If the property does not have a PUR-102, and the property is more than 2 years old at the time of commitment, the lender can use the PUR-103 Option. 

RENTAL INCOME
(SECTION 4003.05.A&B, SECTION 5002.06.A)

The guide has been updated to provide clearer guidance on the documentation and qualification requirements for rental income derived from both the subject property and other real estate owned.  These changes have been made in the Effective Income section of the guide as well as in the First Home Limited Program.