SS Single Family Memo 15-04
Date: June 29, 2015
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Tax-Exempt Program Acquisition Cost Limits
Acquisition Cost Limits have been revised and are posted. Lenders may begin using the new limits effective immediately, but they must be used for any commitment issued on or after July 21, 2015.
Please note that the chart has been alphabetized for ease in locating cities, boroughs and census areas. Places not listed on the chart fall under “All Other Areas.”
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 July 21, 2015.
Please note that the charts have been alphabetized for ease in locating cities, boroughs and census areas. Places not listed on the charts fall under “All Other Areas.”
Comprehensive Risk Assessment for Manual Underwriting (AHFC Form UND-1)
Effective with the date of this memorandum, AHFC has eliminated the requirement for completion of the UND-1 form in conjunction with manual underwriting.
Tax-Exempt Seller’s Affidavit and Certification (AHFC Form PRG-44)
AHFC understands that Lenders may encounter difficulty obtaining the PRG-44 in some transactions. Effective with the date of this memorandum, for Program Compliance submissions, the Lender may opt to provide a copy of the fully executed HUD-1 settlement at the time of purchase in lieu of the PRG-44. Program Compliance submissions without the PRG-44 will be conditioned for delivery of the executed HUD-1 at purchase. For Delegated submissions, the Lender must retain a copy of the fully executed HUD-1 in the loan file.
In April 2015, FNMA modified the monthly payment calculation with regard to student loans. As a result, in some cases the monthly payment required for qualifying could be higher than the actual documented payment. Therefore, effective with the date of this memorandum, to meet DU findings AHFC will accept either FNMA/DU guidelines or AHFC guidelines as follows:
Regardless of the status of the student loan, the Lender may use the actual documented loan payment or, if the loan payment is not documented or verified, 1% of the outstanding balance.
Forms Guide revisions: Contact Underwriting
(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files)
- Acquisition Cost Limits – 2015
- Form PRG-46 – 2015
- Form PRG-46T – 2015
- IRRLIB Income Limits – 2015
- State Veterans Income Limits – 2015
- TEP Income Limits – 2015
- TEPT Income Limits – 2015
- Section 4000
- Section 4005.11
- Section 5002.05.C.6