SS Memo 11-11
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Date: September 28, 2011
AHFC is pleased to announce an enhancement under the Non-Conforming loan program. An option has been added that allows AHFC to purchase loans for homes built after June 30, 1992 that may not have evidence of compliance with construction inspections (AHFC Form PUR-102), and/or homes built after December 31, 1991 that may not have evidence of compliance with thermal standards (AHFC Form PUR-101).
To be eligible for purchase under this option, the home must be considered “existing” and must be at least 5 years old at the time of commitment. Other requirements are a home inspection conducted by a licensed home inspector and a minimum energy rating equal to 3 stars. Conventional or government loans may be originated under this option and will be eligible for the Taxable Program rate.
Please note the Non-Conforming Program has been divided into two options. Type I under the program maintains the definition of a traditional Non-Conforming loan. Type II under the program falls under the definitions outlined above.
Section 5006 has been updated with the details of the enhancement and division of the Non-Conforming Program into two options.
Forms Guide revisions: Contact Servicing
The following obsolete forms are being deleted from the Forms Guide:
- SER-4 AHFC Daily Remittance Form
- SER-8 Detail of Escrow Collection Account
Available in PDF only. (Adobe Acrobat or Adobe Reader is required to read and print PDF files).