SS Memo 07-05

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: May 2, 2007

2007 Income Limits

There is no change to the income limits of the following AHFC loan programs and program options based on a release of HUD's FY 2007 income limits. The income limits announced in Seller/Servicer Memorandum 06-03 on March 31, 2006, remain in effect.

  • Tax- Exempt Program non-Targeted Areas - 03/08/06
  • Tax-Exempt Program Targeted Areas - 03/08/06
  • Interest Rate Reduction for Low-Income Borrowers (IRRLIB) - 03/06
  • Affordable Homeownership Guaranteed Loan Program(AHGLP) - 03/06
  • Home Ownership Fund (HOF) - 03/06
  • Rural Enhanced Loan Program (RELP) - 03/06

Form PRG-46 or PRG-46T(for targeted areas) dated 03/08/06 is required on all Tax-Exempt Program loans. Lenders are reminded that the PRG-46T is only for use on loans made in Targeted Areas.

Mortgage Guides Update

The mortgage guides have been updated, up to and including revisions announced in this memorandum. The attached update summary highlights these changes and provides cross-references.

COMMON INTEREST COMMUNITIES GUIDE REVISIONS: CONTACT SERVICING

Acceptance of Subsequent Phases

(Section .08.C)

AHFC is deleting the documentation requirements described in this section along with the $250 review fee. Instead, copies of recorded amendments for each additional phase should be forwarded to AHFC by the Declarant/Developer.

Existing Projects

(Section .09)

With the 09/13/06 mortgage guides update, AHFC revised Section .01 of the Common Interest Communities Guide to include information about existing projects. As a result, Section .09 is being deleted and the remainder of the guide renumbered.

Project Acceptance Forms/PRJ-1 and PRJ-2

AHFC developed a documentation checklist for Conditional Acceptance of new projects and revised Form PRJ-1. Project Acceptance, Form PRJ-2, is available on AHFC’s website and in the online Forms Guide.

FORMS

PRJ-1

PRJ-2

ATTACHMENTS

(PDF only)

Update Summary