SS Single Family Memo 15-01

Date: January 28, 2015

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Rental Income and Reserves Requirement Re: Departure Residence
(Section 4000.02)

Typically, AHFC requires the lender to satisfy conditions associated with the findings returned from an accepted automated underwriting system (AUS). However, AHFC has concluded that the requirements for use of rental income and the reserve requirements associated with a departure residence may not be in line with the Alaska market; therefore, AHFC has determined an alternate standard may be used for rental income and the reserve requirements associated with a departure residence.

For conventional loans underwritten with an AUS, AHFC will not require a minimum equity position on a departure residence. Therefore, rental income may be used as effective income and only two months of PITI reserves are required for the departure residence. On loans manually underwritten, please see Selling Guide Section 4006.02 for applicable requirements.

To document rental income, the lender must verify there is a rental agreement with a minimum 12-month duration and must obtain evidence of receipt of the required deposit associated with the rental agreement.


Buydown Fees
(Section 1005.09.E)

AHFC has reviewed the fees associated with a buydown of an AHFC rate. To accurately reflect the cost of the buydown to the corporation, AHFC has established the updated pricing below.

The new pricing goes into effect with lock-ins submitted to AHFC on or after February 15, 2015. A buydown associated with a lock-in or commitment issued prior to February 15, 2015, will be honored at the previous pricing. However, all other business (for example, an adjustment to a buydown on a commitment issued prior to the effective date of the new pricing or a buydown associated with a pre-purchase or post-purchase quality review) is subject to the new pricing.

Interest Rate Buydown

15 year Fee

30 year Fee

0.125

0.500

0.500

0.250

1.000

1.000

0.375

1.500

1.750

0.500

2.000

2.250

0.625

2.750

3.000

0.750

3.250

3.750

0.875

4.000

4.500

1.000

4.500

5.000

Building Energy Efficiency Standard (BEES) Certification (Revised Form PUR-101)

Two revisions of Form PUR-101 have been released in the past several weeks. Lenders may encounter a version of the PUR-101 that was released on December 10, 2014, through AHFC’s AkWarm software program. This form will look familiar, but does not include the PUR-101 form number in the lower right-hand corner and may include an additional Building Features Report page as well. If properly certified, this form is acceptable to AHFC; however, please note the Building Features Report page does not have to be recorded.

On January 14, 2015, another revision of the PUR-101 was released through AHFC’s AkWarm program. That revision (PUR-101 dated 01/15) is now in effect and is being released with this selling memo.

Leasehold Estates - Community Land Trust Rider AHFC Form PUR-210 (Section 2001.04.A)

A leasehold estate with a community land trust requires the Community Land Trust Rider (FNMA Form 2100) to be recorded with the lease documents. Effective with the date of this memo, AHFC Form PUR-210 replaces FNMA Form 2100.


Mortgage Voucher for Loans Purchased
(Revised Forms PUR-1 and PUR-1a)

The Mortgage Voucher for Loans Purchased has been revised to add National Mortgage Insurance Corporation.


Homebuyer Education - Gift Funds
(Section 4006.01)

When gift funds are used for the minimum contribution, homebuyer education is required. In addition to AHFC’s HomeChoice™ class, AHFC will allow the option of our online homebuyer education in association with receipt of gift funds used for a minimum contribution. Effective with the date of this memo, for a loan that has no program options (e.g., IRRLIB, AHELP, etc.) which require homebuyer education, the borrower may opt to take AHFC’s online homebuyer education course. If the borrower opts to take the online education, however, a credit toward the commitment fee is not available.

AHFC Contact for Common Interest Community Projects

Effective immediately, Roger Helmer will be AHFC’s point of contact for Common Interest Community Projects, including new project approvals, re-certifications and general questions regarding AHFC’s approval process. Roger may be reached at 907-330-8429 or by email at rhelmer@ahfc.us .

A list of approved projects may be found at https://www.ahfc.us/buy/resources/condo-info/cic-list/ .


FORMS GUIDE REVISIONS: CONTACT UNDERWRITING/SERVICING
(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files)

New/Revised Forms

PUR-1/PUR-1a (Revised)
PUR-101 (Revised)
PUR-210 (New)

ATTACHMENTS

* Form PUR-1
* Form PUR-1a
* Form PUR-101
* Form PUR-210
* Section 1005.09.E
* Section 2001.04.A
* Section 4006.01