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
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.
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.