SS Memo 10-03

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: June 11, 2010

2010 Income Limits

The 2010 limits for AHFC income-restricted loan programs and program options, based on HUD's FY 2010 income limits, are available and effective immediately. The following are attached:

  • Tax-Exempt Program Non-Targeted Areas
  • Tax-Exempt Program Targeted Areas
  • Interest Rate Reduction for Low-Income Borrowers
  • Affordable Homeownership Guaranteed Loan Program
  • State Veterans Preference
  • Rural Enhanced Loan Program

Form PRG-46 or PRG-46T (for targeted areas) dated 06/10 is required for all loans committed on or after June 11, 2010. Lenders are reminded that the PRG-46T is only for use on loans made in Targeted Areas.

REQUEST TO TRANSFER COMMITMENT or LOCK-IN

(Form UND-5)

Section 1005.08 of the Selling Guide has been revised as follows:

AHFC commitments and lock-ins are transferable between AHFC Lenders. A Request for Transfer (Form UND-5) executed by both the original Lender and the Lender accepting the transfer must be submitted. There is no fee required for the transfer of a lock-in. Transfer of a commitment requires a fee of $50 for each transfer request. Delegated commitments may only be transferred to another approved delegated lender unless the appropriate Program Compliance documentation is submitted with the request. AHFC will review the documentation and make any changes to the commitment, if necessary.

The Request to Transfer Commitment (Form UND-5) has been revised to include transfer of Lock-ins.

Owner/Builder Worksheet

(Form UND-9)

The Owner/Builder Worksheet (Form UND-9) has been revised to simplify the calculation for determination of maximum loan amount. Lender's may begin using the form immediately.


FORMS GUIDE REVISIONS

Available in PDF (Adobe Acrobat or Adobe Reader is required to read and print PDF files).

Revised Forms

  • PRG-46 06/10
  • PRG-46T 06/10
  • UND-5 06/10
  • UND-9 06/10

Attachments

Available in PDF (Adobe Acrobat or Adobe Reader is required to read and print PDF files).

  • Tax-Exempt Program Non-Targeted Areas
  • Tax-Exempt Program Targeted Areas
  • Interest Rate Reduction for Low-Income Borrowers
  • Affordable Homeownership Guaranteed Loan Program
  • State Veterans Preference
  • Rural Enhanced Loan Program
  • PRG-46
  • PRG-46T
  • UND-5
  • UND-9