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SS Memos 2020 Summary

Single-Family Seller/Servicer Memorandums - 2020

AHFC no longer has a minimum square foot requirement with the exception of manufactured homes.

Extend temporary relief by following AHFC and Insurers’ guidelines and guidance regarding hardships due to COVID-19.

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.

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.

AHFC is asking Servicers to provide more borrower information when providing a copy of the recorded Notice of Default to AHFC.

AHFC is extending the foreclosure and eviction moratorium until June 30, 2020.

2020 Income and and First Home Limited Acquisition Cost Limits have been announced.

AHFC will be using $108.25 for the PFD calculations.

AHFC has updated the purchase process for Renovation loans. We've added the Construction/Renovation Pre-Purchase Status Form (Form-PUR75A)

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.

Reminder Memo for COVID condition and requirements at purchase. Also a reminder on the rate adjustment to Streamline Refinances.

Added 2021 loan limits