SS Memo 11-01

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: January 6, 2011

Deed Restrictions

(Sections 2001 & 9001)

Some fee simple properties are subject to restrictions against alienation, for example a right of first refusal. Section 2001.04(c) and Section 9001.09 have been revised as follows to clarify AHFC requirements:

For any property that is subject to a right of first refusal, pursuant to which a person or entity has the right to purchase or acquire the property upon the sale or transfer of the property by the owner or the lender, a waiver of the right of first refusal must be obtained from the person or entity holding the right of first refusal. The waiver must apply to any foreclosure or deed in lieu of foreclosure that may be initiated in the future by the lender, its successors and assigns. The waiver must also apply to any subsequent transfer or sale of the property by the lender, or its successors and assigns.

Loan Purchase

(Section 9000)

AHFC has been receiving a growing number of incomplete or deficient loan files for purchase on or very close to the expiration date of the loan commitment. Section 9000 has been revised to clarify that incomplete or deficient purchase files will be suspended for a maximum of 15 working days and will require purchase of a commitment extension if the original loan commitment expires prior to the deficiency being resolved.


Forms Guide Revisions

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

Revised Form PUR-102: Contact Underwriting

AHFC Forms PUR-102, PUR-102MD Fee, PUR-102MD Gov, and PUR-102MH, have been revised to identify the property owner as a licensed contractor OR owner/builder. The revised forms may be used immediately and no later than for construction started March 1, 2011.

Revised Form SER-87: Contact Servicing

AHFC Form SER-87 has been revised to remove FNMA and MGIC Pool Coverage information.

Revised Form MF-100: Contact Multi-Family Underwriting

AHFC Form MF-100 has been revised to better identify the nature of the required disclosure as outlined in the multi-family loan agreements. The revised form may be used immediately and no later than January 15, 2011.

Attachments

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

  • Section 2001
  • Section 9000
  • Section 9001
  • PUR-102
  • PUR-102-MD-Gov
  • PUR-102-MD-Fee
  • PUR-102-MH
  • SER-87
  • MF-100