Single-Family SS Memo 18-03

Date: April 27, 2018

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/Outside Anchorage: 888-854-3884)

Mortgage Insurance
(Section 1003.08)

AHFC has reviewed its MI coverage requirements and has decided to match FNMA guidelines for MI coverage. Effective with the date of this memorandum, lenders may use the MI coverage of 25% on 15-year loans with LTV greater than 90%.

Lender Portal
(Sections 1005.01, 1005.02 and 1005.03.A)

Effective with the date of this memorandum, AHFC will now accept lock-in requests through the AHFC lender portal until 10:00 PM Alaska Time.

Interest Rate Buydown Fees
(Section 1005.09.E)

AHFC buydown fees have changed. 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 updated pricing.

New pricing goes into effect with lock-ins submitted to AHFC on or after May 1, 2018. A buydown associated with a lock-in or commitment issued prior to May 1, 2018, 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.

Square Footage
(Sections 2001.09 and 5005.03)

Effective with the date of this memorandum, AHFC will allow for exceptions, on a case-by-case basis, to the minimum square footage requirement of 600 square feet of gross living area for newly constructed properties and rural properties.

Excess Land
(Section 2001.19)

Effective with the date of this memorandum, AHFC may finance, on a case-by-case basis, adjoining lots, and value may be given to the additional land.

Verbal Verification of Employment
(Sections 4000.02.D and 8000.02.B)

Effective with the date of this memorandum, AHFC will require a Verbal VOE on all loans within 10 business days prior to the note date for employment income, and within 120 calendar days prior to the note date for self-employment income.

Collection Accounts
(Sections 4005.03.C and 7001.06.D)

Effective with the date of this memorandum, AHFC will allow guidance from AUS findings to determine if collection accounts need to be paid prior to loan closing.

Reserves
(Section 4006.02)

Effective with the date of this memorandum, AHFC will follow AUS guidance on reserve requirements. If AUS does not require reserves, AHFC will no longer require two months reserves. In cases where AUS and AHFC requirements differ, AHFC will allow for the least restrictive amount of reserves.

Non-Conforming I
(Section 5006.01.C)

The minimum down payment requirement on Non-Conforming I properties has been increased to 20% effective with lock-in requests as of May 1, 2018.

CCAP
(Section 5013.02.A)

Effective with the date of this memorandum, first-time homebuyers must take an approved homebuyer education class for CCAP loans.

Census Tract Information
(Tax-Exempt Program Income Limits Targeted Areas)

Effective with the date of this memorandum, AHFC has updated the census tract information with the 2010 Census information for the Tax-Exempt Targeted Areas.

GUIDE REVISIONS: CONTACT UNDERWRITING

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