SS Memo 10-04

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: September 15, 2010

Tax Exempt Income Limits

The 2010 limits for AHFC income-restricted loan programs and program options, based on HUD's FY 2010 income limits, were announced in Memorandum 10-03, dated June 11, 2010. Please note that Tax-Exempt Program Non-Targeted Area limits have since been amended to include an upward income adjustment for eight (8) "High Housing Cost" areas.

Form PRG-46 dated 09/2010 is required for all loans committed on or after September 15, 2010.

Streamline Refinance

(Section 7004.05)

Sections 7004.05 (C) and (E) of the Selling Guide have been revised to clarify the requirements for mortgage insurance on Streamline Refinances and to emphasize that Streamline Refinances of government insured/guaranteed loans must have the same insurance/guaranty as the existing loan.

Common Interest Communities

(Section 2001.02)

Section 2001.02 of the Selling Guide has been revised to emphasize that projects must be in an active status at the time AHFC purchases a loan secured by a unit in the project.

Automated Underwriting

Memorandum 09-09, issued November 9, 2009, outlined the requirement that all loans submitted to AHFC for commitment must be submitted to an automated underwriting system and also required that a copy of the page of the feedback certificate/findings report that contains the results, credit score, and loan summary information for the loan be included with all UND-3 submissions. Effective immediately, a copy of the feedback certificate/findings is no longer required in the submission file, but must be retained in the lender's loan file.


Forms Guide Revisions: Contact Underwriting

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

Revised Forms

  • PRG-46 New 09/10

Attachments

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

  • Tax-Exempt Program Income Limits: Non-Targeted Areas

  • PRG-46 09/10