SS Single-Family Memo 14-06
Date: September 10, 2014
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
AHFC is pleased to announce the Selling Guide has been updated to amend the following.
Second Mortgage Program
(Revised Section 5008.04)
Effective August 28, 2014, the requirement for private mortgage insurance for the Second Mortgage Program is eliminated. In addition, the interest rate for the Second Mortgage Program will increase by an additional .125 for applications taken on or after September 15, 2014. Therefore, the applicable rate is based on the 15-year Taxable or Rural rate plus .500 for any application taken on or after September 15, 2014.
Please note Section 5008.04.E has been deleted from the Selling Guide.
Appraisals and Marketable Titles – Community Land Trust
(Revised Sections 2000.02.B, 2000.02.K, 2000.03 and 2001.04)
The Selling Guide has been amended to include additional appraisal requirements and expanded warranties and restrictions associated with a Community Land Trust (CLT) ground lease. Please note FNMA Form 2100 (rev. 12/10) is required and must be recorded with the CLT leasehold documents.
FORMS GUIDE REVISIONS: CONTACT UNDERWRITING/SERVICING
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