SS Memo 11-03
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Date: March 16, 2011
Interest Rate Buydowns
(Section 1003 & 1005)
Seller/Servicer Memorandum 11-02 announced a change to the pricing for interest rate buydowns and established a 1% maximum buydown. AHFC has since been made aware that some purchase transactions were predicated on the previous buydown pricing and limit. Therefore, AHFC will honor the old buydown pricing for transactions with a fully executed earnest money date on or prior to January 24, 2010. A copy of the earnest money agreement must be submitted with the UND-3.