Seller/Servicer Memorandum 21-03

Date:        30 July 2021

From:        Jan Miyagishima
                 Director, Mortgage Operations

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

3 year address history documentation for First Home Limited & First Home

AHFC has updated the documentation that is required to verify a borrower has not owned a home in the last 3 years. Lenders must do their due diligence to verify the borrower has not owned a primary residence in the last 3 years.  Rental history should be verified with a Verification of Rent (VOR). In addition to the VOR, the credit report, loan application, income documents and asset documents should be closely reviewed for address and mortgage history; and the file should contain documentation to address any discrepancies. 

Reminder: The First Home Limited and First Home programs require a 3 year address history on the 1003. 

First Home Limited

We will still require the most recent year’s federal tax return (including all W-2's) unless AUS findings require additional returns.  The lender must retain that documentation in their loan file. If using FHA/VA/RD/HUD-184, the lender must follow the agency guidelines. 

First Home 

Follow AUS findings for the income & tax return requirements. The lender will need to verify the 3 year address history using the guidance provided above. If using FHA/VA/RD/HUD-184, the lender must follow the agency guidelines.