SS Memo 08-05

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: September 10, 2008

First-time Homebuyer Tax Credit
(Section 5002)

H.R. 3221, the Housing and Economic Recovery Act of 2008, signed into law by President Bush on July 30th, provides for a Tax Credit of up to $7,500 to first-time homebuyers if the residence was purchased on or after April 9, 2008 and before July 1, 2009. However, buyers who have financed their purchase with AHFC’s Tax-Exempt First-time Homebuyer program are not eligible for the tax credit. New applicants should be made aware of this and encouraged to seek tax counsel if they have further questions.

Section 7002 - Energy Efficiency Interest Rate Reduction (EEIRR)
(Section 7002)

Effective with the date of this memorandum, borrowers electing to make energy improvements to existing properties after closing, have 365 days (instead of 180) to complete energy improvements and submit documentation to the loan servicer. Within 30 days of the final energy rating, the borrower must submit a copy of the initial and final energy rating and documentation of the cost of improvements. These changes also apply to loans currently in “Proposed Energy” status.

In addition, AHFC will no longer require the initial rating to be the rating in effect when the home was originally constructed. For example, a borrower purchases a home constructed in 1996 that has an energy rating of 74 points and three stars plus. Three stars plus, instead of four stars plus (the minimum required in 1996) will be the starting value when calculating the interest rate modification.

Accordingly, AHFC amended the Selling Guide Section 7002 and Form UND-10.

Construction Inspection Guidelines
(Appendix)

AHFC updated both the Construction Inspection Guidelines and Destructive Inspection Guidelines. Copies are attached and have been incorporated into the online mortgage guides Appendix.

State of Alaska Resource Rebate - Income Restricted Programs

The one-time $1,200 “resource rebate” to Alaska residents, who also receive the Permanent Fund Dividend, may be excluded from income calculations on AHFC income restricted loan programs and options. However, this does not exclude the 2008 Permanent Fund Dividend amount (as part of the “most recent two-year average”) when calculating total annual income for programs such as Tax-Exempt and IRRLIB as described in Section 4003.11.

SERVICING GUIDE REVISIONS: CONTACT SERVICING

Assumption Forms

The ASM 26, 27 and 28 have been revised, deleting the line capturing borrower social security number. AHFC no longer requires this information. Lenders should begin using the revised forms effective with the date of this memorandum.

FORMS GUIDE

Replacement forms are available in MSWord and PDF. (Adobe Acrobat is required to read and print PDF files)

Revised 09/08

  • ASM-26 - ASM-26.doc   ASM-26.pdf
  • ASM-27 - ASM-27.doc   ASM-27.pdf
  • ASM-28 - ASM-28.doc   ASM-28.pdf
  • UND-10 - UND-10.doc   UND-10.pdf

Attachments

Attachments in PDF only.

2008 Construction Inspection Guidelines