SS Memos 2024 Summary

Previously in Section 8000.02, the guide stated the borrower had to leave the 4506-C undated. That has been removed. It is acceptable for the form to be signed & dated.
We have removed the requirement for a home inspection from the AHELP section. If the entity providing the assistance requires a home inspection, the lender is to retain a copy of the report in their file.
Minor changes were made in the following sections: Averaged Income, Self-Employed, Rental Income, Child Support or Alimony.

Clarification Memo regarding the Uniform Instruments that should be used. Please be sure to use the July 2021 versions.

The AHFC Lock-In/Reservation fee is increasing to $400. This change goes into effect on May 1, 2024.
The fee for commitments issued with the Streamline Refinance option will now be .125% on all Urban and Rural loan programs. The fee is the same for Delegated or Program Compliance submissions. This change goes into effect on May 1, 2024.

The UND-3 has been updated to reflect the commitment options for the Streamline Refinance Option.

The 2024 Income and Acquisition limits are posted for the First Home Limited Program. These limits can be used immediately but must be used for commitments issued on or after May 15, 2024.

We have developed a Program Eligibility matrix to help our lending partners navigate through our loan programs. This can be found in the Appendix of the Mortgage Guides.
PIWs cannot be used on refinance or new construction transactions

The guide on hazard insurance requirements for 1-4 units and common interest communities has been revised.
Student loan payments must be calculated for borrowers on an income-driven payment plan, see Section 4005.11.
The SER-50 form has been updated to include the NMLS number field and additional investors.

The AHFC Lock-In/Reservation fee has been updated to $250 until further notice. This change takes effect immediately (any Lock-In as of 6/26/24).
The guide has been revised to include “As-Is” Appraisals.
Appraisals that are completed “As-is” with a “cost to cure”, “as-is” with references to repair items, or the photos show deficiencies (For example; peeling paint or exposed siding) should be closely reviewed by the lender. In some instances, AHFC will require these items to be addressed prior to AHFC loan purchase.

For traveling medical professionals or those in similar roles, lenders must contact Alaska Housing Finance Corporation to obtain prior approval, as these applications are reviewed individually on a case-by-case basis.
The following fee schedule will be used to determine interest rate buydown fees. These fees go into effect on August 23, 2024.

Arsenic Advisory: If the city or borough issues a warning that states the level of arsenic in the water exceeds the EPA limit, AHFC will require, at a minimum, a point-of-use filtration system at the kitchen sink. AHFC recommends installing a whole house or point-of-use filtration system at all sinks. If the borrower chooses only to do the filtration system at the kitchen sink, AHFC will require a hold harmless from the borrower stating this is what they are choosing to do and they understand the levels of arsenic found in the water.

The loan amount where the Energy Efficiency Interest Rate Reduction blends has been increased to $250,000. this applies to commitments issued on or after October 1, 2024.
Please remember that builders and inspectors must use the online ARIS system to generate the PUR-102. The old handwritten form is no longer a valid document. Please reach out to the Energy Department at 907-330-8166 if you need assistance with the online system.
PFD calculations: AHFC will be using $125.58 per month for the PFD income calculations. This is effective for commitments on or after October 3, 2024.
UND-31 and UND-31 Reno forms have been revised and the verbiage has been updated.
AHFC Loan Program Eligibility Matrix has been updated with the changes from this Memo.

Social Security and/or Disability income for dependents must be included when calculating disqualifying income on any income-restrictive program. However, this income can also be included for qualifying if it can be documented to continue for at least the next three years.
New forms for Service-Released Lenders. Alaska Housing Finance Corporation does not participate in MERS. The PUR-4 must be completed by the lender's Closer and will be required prior to AHFC loan purchase. The PUR-76 will be required on renovations.

The 2025 Loan Limits have been published. These limits apply to any loan purchased by AHFC after January 1, 2025.