SS Memos 2020 Summary
Single-Family Seller/Servicer Memorandums - 2020
- Added 2021 loan limits
- Reminder Memo for COVID condition and requirements at purchase. Also a reminder on the rate adjustment to Streamline Refinances.
- Any streamline refinance of a First Home, My Home, Rural Owner Occupied and Uniquely Alaskan loan will now require a .125% adjuster added to the rate.
- AHFC has updated the purchase process for Renovation loans. We've added the Construction/Renovation Pre-Purchase Status Form (Form-PUR75A)
- AHFC will be using $108.25 for the PFD calculations.
- 2020 Income and and First Home Limited Acquisition Cost Limits have been announced.
AHFC is extending the foreclosure and eviction moratorium until June 30, 2020.
- AHFC is asking Servicers to provide more borrower information when providing a copy of the recorded Notice of Default to AHFC.
- AHFC is asking Lenders to provide a copy of the recorded Deed of Trust in the purchase package to help correct any errors earlier in the process.
- The Assumptions and Release of Co-Borrower sections have been updated in both the Selling and Servicing guides with clearer instructions on how both should be handled.
- Several forms have been removed and/or updated.
Extend temporary relief by following AHFC and Insurers’ guidelines and guidance regarding hardships due to COVID-19.
- AHFC no longer has a minimum square foot requirement with the exception of manufactured homes.