SS Memo 11-07
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Date: June 8, 2011
Second Mortgage Program
AHFC is pleased to announce enhancements to our Second Mortgage Program. Our board of directors has approved an option to allow for property values to be determined by a method other than a new appraisal for loans up to $100,000 and that do not exceed a combined loan-to-value of 75%.
Effective with the date of this memo, the lender may determine value using such methods as a current tax-assessment valuation, a valuation from a full appraisal not over 3 years old at application, or a Broker's Opinion of Value.
For loan applications taken after the date of this memo, rates for second mortgage options are based on the 15-year Taxable program or the 15-year Rural program plus .375.
(Section 5009 - Second Mortgage Program for Health and Safety Repair - Deleted)
(Section 5010 - Rural Building Material Loan Program - Deleted)
Forms Guide Revisions: Contact Underwriting
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