Seller/Servicer Memorandum 19-05

Date: October 17, 2019

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

The Lender Portal has been updated to include a drop-down menu with options for Homebuyer Education courses.  Lenders are advised to begin selecting the applicable course at time of AHFC Loan Commitment to ensure accurate records and reporting of borrowers’ eligibility for life of loan counseling.

Revised Forms

UND-3: Updated the form to add “Finally Home” and “HUD Approved Course” to the choices for homebuyer education.

PUR-201: updated the verbiage on what can be included in the loan.

Homebuyer Education
(Section 1004.08.A)

Finally Home is a HUD-approved online homebuyer education course, which offers life of loan counseling to the borrower.

Child Support Verification
(Section 4005.07)

Updated the verbiage on how lenders are to obtain the child support verification from CSSD.

Documentation of Required Funds
(Section 4006.01)

AHFC has made a change on the down payment requirement and use of gift funds for duplex properties.

Rural Non-Owner Occupied Loan Program
(Section 5005.02)

All signing, managing members are signing for personal liability.

Renovations
(Section 7010.05 and 7010.07)

Updated the verbiage to match other sections of the guide.

Refinance transactions do not need an “as is” appraised value. Only an “as complete” value is needed.