SS Single-Family Memo 13-06
Date: August 23, 2013
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Revised income limits for 2013 are posted. These limits become effective October 1, 2013. Please be advised that Lenders may continue to use the 2012 income limits, or may use the new income limits for 2013, for all commitment submissions through September 30, 2013. For commitment submissions on or after October 1, 2013, the 2013 income limits apply.
Closing Cost Assistance Program (CCAP)
(Revised Section 5013.05)
AHFC is pleased to announce a change to the CCAP. Effective with reservations made on or after September 3, 2013, the transaction assistance funds provided to the borrower will increase from 3% to 4% and Lender compensation (SRP) will increase from .75% to 1% for FHA and USDA-RHS loans and from .25% to .50% on VA loans.
Commitment Change Requests
AHFC is pleased to announce an enhancement to the process for requesting a change to a commitment contract. We have eliminated the need to fax documents by establishing an email account specifically for change requests. Effective immediately, please send change requests in writing with the applicable documents (in PDF) to firstname.lastname@example.org. Requests are processed daily in the order received. Requests received before 4:00 p.m. will typically be processed the same day.
Mortgage Voucher (Forms PUR-1 and PUR-1a)
The Mortgage Voucher (forms PUR-1 and PUR-1a) has been updated to correct the list of MI codes. Code 33 is now reflected as Radian. Lenders may begin to use this form effective with the date of this memo; however, mandatory use of the form is required for purchases submitted on or after September 16, 2013.
BEES Certification (Form PUR-101)
The BEES Certification (form PUR-101) has been updated to eliminate the requirement to select the zone in which the property is located. The updated form may be used effective with the date of this memo; however, mandatory use of the form is required for BEES Certifications conducted on or after September 16, 2013.
Program Compliance Submission Checklist (Form UND-31)
The Program Compliance Submission Checklist (form UND-31) has been updated to reflect current requirements for submitting commitment documentation under the Program Compliance underwriting option. Lenders may begin to use this form effective with the date of this memo; however, mandatory use of the form is required for submissions on or after September 16, 2013. ________________________________________
FORMS GUIDE REVISIONS: CONTACT UNDERWRITING/SERVICING
(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files)
• IRRLIB Income Limits - 2013
• PRG-46 - 2013
• PRG-46T - 2013
• Selling Guide – Section 5013.05
• State Veterans Income Limits - 2013
• TEP Income Limits - 2013
• TEPT Income Limits - 2013