SS Memo 11-08

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: June 27, 2011

2011 Income Limits

The 2011 limits for AHFC income-restricted loan programs and program options, based on HUD's FY 2011 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 06/11 is required for all loans committed on or after July 1, 2010. Lenders are reminded that the PRG-46T is only for use on loans made in Targeted Areas.

Renovation Escrow

(Section 1003.02.D.5a)

We are pleased to announce an increase in the amount allowed for escrows used for renovation loans. Escrows for completion of the renovation are acceptable and generally should not exceed 50% of the total loan amount or $50,000, whichever is less. The escrow must contain a minimum 10% contingency for cost overruns. Any AHFC loan funds remaining in the escrow account at completion of the project must be applied to the principal balance of the loan.


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

PRG-46T

Attachments

Available in PDF only. (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