SS Memo 12-04

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: June 22, 2012

Income Limits

Revised income limits are posted. Lenders may begin using the new limits effective immediately, but they must be used for commitments issued on or after June 24, 2012.

FHA Streamline Refinance

(Section 7003.01)

AHFC reminds lenders that AHFC will purchase FHA Streamline Refinance loans of non-AHFC loans. Please be aware that the loan amount must meet FHA guidelines, must not exceed the maximum loan amount under FHA requirements and involve no cash-back to the borrower except for the minor adjustment allowance under FHA rules. The lender is responsible to meet all applicable FHA guidelines and all AHFC statutory restrictions, for instance, no past-due child support; property must meet mandatory inspections i.e. PUR 101 & 102; etc.

Loans may be originated under the Taxable, Rural Owner-Occupied, or Non-Conforming II programs. If originated under Non-Conforming II the property is subject to the requirements of the program. As with our other streamline refinances there is no minimum credit score or total-debt-to-income restrictions.


FORMS GUIDE REVISIONS: CONTACT UNDERWRITING

(Available in PDF only - 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)