SS Memos 2019 Summary

Single-Family Seller/Servicer Memorandums - 2019

Memo 19-01

  • Revised forms: PRG-43, PRG-44, PRG-61, PUR-85, UND-9
  • Lenders now allowed to cancel Alaska Housing commitment and immediately re-lock their loan without waiting for the date of the initial expiration
  • Increased deductible may not exceed the higher of $1,000 or 2% of the coverage amount.
  • Alaska Housing will allow the Property Inspection Waiver (PIW) on loans that receive the PIW option through the automated approval system (AUS). (Single Family Residences and Condominiums)
  • Alaska Housing will allow rents from accessory dwelling units to be used for qualifying income
  • When a LLC is the purchaser on a transaction, the LLC and members of the LLC must sign the note
  • Streamline refinances will no longer be limited to a maximum of $5000 in closing costs.
  • The individual completing the renovation work can be a licensed contractor or an individual having experience and knowledge to complete such work

Memo 19-02

  • Revised Forms: PUR-86 Streamline Refinance Loan Summary Worksheet
  • Borrowers who have completed any AHFC homebuyer education or any other HUD-approved homebuyer education class are eligible to receive up to a $250 credit towards commitment fee

Memo 19-03

  • Tax-Exempt Program acquisition cost limits

Memo 19-04

  • Income limits

Memo 19-05

  • Revised forms: UND-3, PUR-201
  • Finally Home is a HUD-approved homebuyer education course, which offers life of loan counseling to the borrower.
  • Updated procedures on how to obtain the child support verification from CSED.
  • Use of gift funds for duplex properties has been changed.
  • All signing managing members are signing for personal liability on Rural Non-Owner Occupied loans.
  • Renovations, updated verbiage to match other sections of the guide.  Also, renovation refinances only need an "as complete" value.

Memo 19-06

  • Alaska Housing will be using $133.58 for the PFD calculations.

Memo 19-07

  • Alaska Housing no longer requires the Seller's Affidavit (PRG-44). We will accept the fully executed Closing Disclosure (CD) at loan purchase in lieu of the PRG-44

Memo 19-08

  • Alaska Housing's refinance option will now allow a minimum of 6 months seasoning for loans that were not used to acquire or renovate the property.
  • The borrower may receive a maximum of $1,000 back at closing on our refinance option.

Memo 19-09

  • Lenders are now able to blend down to the nearest .125% on all of our Rural loan programs.

Memo 19-10

  • Maximum loan amount

Memo 19-11

  • The PUR-103 is an option that is available on all loan programs.
  • The Non-Conforming II program has been removed.

Memo 19-12

  • Renamed 4 loan programs; Taxable, Tax-Exempt, Taxable First-Time Homebuyer and Non-Conforming I.