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Single-Family SS Memo 16-01
Date: March 8, 2016
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Non-Conforming I Program
(Section 5006)
AHFC is pleased to announce an enhancement under the Non-Conforming I loan program. An option has been added that allows AHFC to purchase loans for homes built after June 30, 1992, that may not have evidence of compliance with construction inspections (AHFC Form PUR-102) and/or homes built after December 31, 1991, that may not have evidence of compliance with thermal standards (AHFC Form PUR-101). This is the same option that is available under the Non-Conforming II program.
To be eligible for purchase under this option, the home must be considered existing and must be at least 5 years old at the time of commitment. Other requirements are a home inspection conducted by a licensed home inspector or evidence that a Certificate of Occupancy was previously issued or a valid PUR-102 was previously recorded, and a minimum energy rating equal to 3 stars.
Please note the Non-Conforming program is divided into two options: Type I and Type II. Type I under the program maintains the definition of a traditional Non-Conforming housing loan.
Effective with the date of this memo, Form PUR-103 may be used in conjunction with both of the Non-Conforming Programs. The form must be signed by an approved lending partner and must be recorded at closing. Once recorded, the PUR-103 is not required for subsequent loan transactions on the subject property under the Non-Conforming programs.
Document Submission Checklist Program Compliance
(Revised Form UND-31)
The checklist for Program Compliance submissions has been updated to include a reminder that a copy of the HomeChoice certificate must be included if required for gift funds or in cases where the Lender indicates, at commitment submission, that the course was taken and the borrower is eligible for a commitment fee waiver. Lenders may begin using this form effective with the date of this memo.
Home Energy Rebate Program
On February 24, 2016, AHFC announced the closure of the waitlist to new participants in the Home Energy Rebate program. The closure of the waitlist is effective at 5 p.m. on Friday, March 25, 2016.
For more information on this topic, please see AHFCs news release:
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 March 15, 2016. A buydown associated with a lock-in or commitment issued prior to March 15, 2016, will be honored at the previous pricing. However, all other business (e.g., 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.
|
Buydown |
15 Year |
30 Year |
|
0.125 |
0.500 |
0.625 |
|
0.250 |
1.125 |
1.250 |
|
0.375 |
1.625 |
1.875 |
|
0.500 |
2.250 |
2.500 |
|
0.625 |
2.875 |
3.250 |
|
0.750 |
3.500 |
4.000 |
|
0.875 |
4.250 |
4.750 |
|
1.000 |
4.875 |
5.375 |
SERVICING GUIDE REVISIONS: CONTACT SERVICING
Winterization Procedure Checklist
(Form SER-102)
AHFC has amended the winterization procedure checklist and certification to add winterization of water holding tanks or unique systems, categorize tasks and combine the checklist and certification into one form.
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-103 (Revised)
SER-102 (New)
UND-31 (Revised)