SS Memos 2023 Summary

Memo 23-01

  • Servicing guide revisions to Release of a Co-Borrower, Insurance Requirements,
  • Cancellation of MI, Delinquencies, Form SER-92 and Form SER-75.

Memo 23-02

  • Clarification regarding implementation of SB143

Memo 23-03

  • Servicing guide revisions to 3rd party Sale and Pre Sale Funds Remittance, HOA Super lien

Memo 23-04

  • The required coverage amount on H-06 policies has been updated to no less than 20% of the unpaid principal balance.

Memo 23-05

  • The minimum down payment contribution section has been updated to clarify a borrower's minimum down payment on Conventional loans and the use of gift funds.

Memo 23-06

  • AHFC foreclosure advertising update.​​​​​

Memo 23-07

  • AHFC has increased the reimbursable amount for Attorney Fees for Non -Judicial Foreclosure action from $1600 to $2,300.

Memo 23-08

  • AHFC is happy to announce that a borrower's earned real estate commission can now be used for down payment and closing costs. 
  • Clarification on what is allowed when a borrower has a pending sale and it's not going to close prior to the new purchase transaction closing. 

Memo 23-09

  • 2023 Income and Acquisition limits are posted for the First Home Limited Program.  These limits are effective immediately, on commitments requested on or after June 14, 2023.

Memo 23-10

  • The UND-3 has been updated to match the changes to the Lender Portal.  Please start using this new version immediately. 

Memo 23-11

  • A Note regarding required repairs has been added to Section 7011 - PUR-103 Option. The PUR-103 form was also updated. 
  • Form SER-87 has been removed from the guide as it is an internal AHFC document. 

Memo 23-12

  • AHFC has increased the term for the Second Mortgage Program.  A borrower can now go up to 30-years

Memo 23-13

  • AHFC clarification on reporting sales results.

Memo 23-14

  • Updated PFD calculations: AHFC will be using $191.50 per month.

Memo 23-15

Memo 23-16

  • The appraisal sketch requirements have been updated. 
  • 4506-T/C requirements have been updated. 
  • Self-employment as secondary employment has been updated. 

Memo 23-17

  • The PUR-84s has been created for the Second Mortgage Loan Program. 

Memo 23-18

  • The 2024 Loan Limits have been published. These limits apply to any loan purchased by AHFC after January 1, 2024. 

Memo 23-19

  • We have updated our guide regarding the documentation required for wastewater systems. 
  • The maximum loan amount for the Second Mortgage Program has been increased to $574,912.