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Chapter 151
AHFC General Programs

Article

1. Special Mortgage Loan Program. (15 AAC 151.010 - 15 AAC 151.020)

2. Qualified Mortgage Bonds. (15 AAC 151.100 - 15 AAC 151.145)

3. Veterans' Mortgage Program. (15 AAC 151.200 - 15 AAC 151.250)

4. Home Ownership Fund. (15 AAC 151.300 - 15 AAC 151.340)

5. Senior Housing Program. (15 AAC 151.400 - 15 AAC 151.440)

6. Multi-Family, Special Needs, and Congregate Housing Program. (15 AAC 151.500 - 15 AAC 151.545)

7. Miscellaneous Loan Programs. (15 AAC 151.600 - 15 AAC 151.680)

8. Low-Income Housing Tax Credit. (15 AAC 151.710 - 15 AAC 151.840)

9. Closing Cost Assistance Program. (15 AAC 151.850 - 15 AAC 151.870)

10. General Provisions. (15 AAC 151.900 - 15 AAC 151.950)

Editor's note: As of Register 151 (October 1999), the functions of the former Department of Community and Regional Affairs were transferred to other state agencies. Revisions to regulations to reflect changes in state agencies' names were made by the regulations attorney in accordance with ch. 58, SLA 1999 and AS 44.62.125 (b)(6).

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Article 1
Special Mortgage Loan Program

Section

10. Special mortgage loan purchase program scope.

15. Borrower eligibility.

20. Loan terms.

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.010 - 15 AAC 151.020 appeared in former 15 AAC 118.300 - 15 AAC 118.310. The history notes for 15 AAC 151.010 - 15 AAC 151.020 do not reflect the history of the sections under their former numbers.

15 AAC 151.010. Special mortgage loan purchase program scope

The provisions of 15 AAC 151.010 - 15 AAC 151.340 implement the special mortgage loan purchase program established by AS 18.56.098 . The special mortgage loan purchase program includes the purchase of loans with qualified mortgage bonds as described in 15 AAC 151.100 - 15 AAC 151.150 and the purchase of loans with qualified veterans mortgage bonds as described in 15 AAC 151.200 - 15 AAC 151.250.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.098

15 AAC 151.015. Borrower eligibility

(a) Under the program and subject to the provisions of 15 AAC 151.100 - 15 AAC 151.340 and 15 AAC 151.600 - 15 AAC 151.660, the Corporation will purchase loans made to finance the purchase of residences. Each loan must be secured by a single-family residence, duplex, triplex, or four-plex. Eligibility is without regard to location of the dwelling within the state or another eligible location. The dwelling to be purchased with the loan must be designed for residential use and intended for use and used as the principal residence of the borrower pursuant to AS 18.56. A person is not eligible for a loan to be purchased by the Corporation under 15 AAC 151.100 - 15 AAC 151.340, 15 AAC 151.600, 15 AAC 151.620 - 15 AAC 151.630, and 15 AAC 151.650 - 15 AAC 151.660, if the person is an owner of a dwelling financed by an outstanding first lien mortgage loan purchased by the Corporation under 15 AAC 151.010 - 15 AAC 151.250 unless the new loan will retire the outstanding loan. For purposes of the first sentence of this subsection, a loan to finance the purchase of a residence includes:

(1) a loan to an owner/builder only if the loan constitutes the first permanent financing of a residence which has been newly constructed by the owner/builder; and

(2) a loan to a purchaser only if the loan is the initial permanent financing obtained for the residence by the purchaser and the loan is submitted to the Corporation as soon as practicable, but in no event more than one year from date of purchase. The determination of whether the dwelling is "newly constructed" or whether a loan is the first "permanent financing" by the purchaser on a dwelling or whether the loan is submitted to the Corporation as soon as practicable shall be made by the Corporation based upon information submitted to the Corporation.

(b) The Corporation will, in its discretion, release a co-mortgagor from liability on a loan owned by the Corporation under the program if the co-mortgagor retaining ownership at the time of release qualifies for the mortgage loan. Qualification for the mortgage loan will be determined by the mortgage servicer and the Corporation and will be based on a full credit package underwritten and approved by the servicer. To qualify for a release under this subsection, a co-mortgagor approved for the release must relinquish all ownership interest in the residence.

(c) As used in this section:

(1) "owner" includes a person who is liable on a mortgage or note with respect to a loan; and

(2) "owner/builder" means a person who will build and own the residence or which a loan is sought.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.098

15 AAC 151.020. Loan terms

(a) Each loan purchased by the Corporation as part of the special mortgage loan purchase program, except as otherwise provided in (f) of this section for loans to members of the Alaska delegation to Congress, must:

(1) be serviced by a servicer approved by the Corporation;

(2) constitute a first or second lien on real estate in fee simple or on a leasehold estate and (A) if a first lien, be subject only to permitted encumbrances, or (B) if a second lien, be subject only to permitted encumbrances including a first lien mortgage loan;

(3) if the loan is a first lien and if the loan-to-value ratio of the property exceeds 80 percent, be the subject of private mortgage insurance, federal insurance, federal guarantee, or insurance described in AS 18.56.093 , with benefits in each case payable to the Corporation;

(4) Repealed 8/27/2014.

(5) be for the purchase or refinancing of completed, owner-occupied residential housing, the improvement or rehabilitation of owner-occupied residential housing, or the purchase or refinancing of owner-occupied residential housing together with improvement or rehabilitation of the housing, which in any case is eligible for purchase by the Corporation under the program; and

(6) be insured by a mortgagee's policy of title insurance, issued by a title insurance company qualified to do business in the area in which the residence is located and acceptable to the Corporation, insuring the enforceable mortgage, subject only to permitted encumbrances or in the case of a second lien mortgage, subject only to permitted encumbrances and the first lien mortgage.

(b) The provisions of this section apply to first lien mortgage loans and to second lien mortgage loans. The Corporation will compute the maximum amount of a second lien mortgage loan so that the outstanding amount of the first lien mortgage loan plus the maximum amount of the second lien mortgage loan does not exceed the applicable loan-to-value ratio. Notwithstanding any of the other provisions of this section to the contrary, all loan-to-value ratios and maximum loan amounts shall be reduced if and to the extent that any applicable GNMA, FNMA, FHLMC, VA, FHA, HUD, or RD loan-to-value ratio or maximum loan limits are reduced for Alaska.

(c) The loan-to-value ratio and the loan amounts on first lien mortgage loans purchased by the Corporation under the program shall be as follows:

(1) other than as provided in paragraphs (3), (5), (6), and (7) of this subsection, the loan-to-value ratio on a mortgage loan for the purchase of a single family or duplex residence shall not exceed 95 percent and the loan-to-value ratio on a mortgage loan for the purchase of a triplex or four-plex residence shall not exceed 90 percent;

(2) the loan amount on a mortgage loan for a residence shall not exceed the applicable FNMA or FHLMC maximum loan amount for the same type of property by more than 10 percent;

(3) the amount of the guarantee plus the down payment on a mortgage loan guaranteed by the Veterans Administration must equal 25 percent of the value of the residence based on the lesser of sales price or appraisal; and the VA guarantee must equal the maximum guarantee possible under the VA program;

(4) the loan amount on a mortgage loan insured or guaranteed by FHA, HUD, or RD for a residence shall not exceed the applicable limits established by FHA, HUD, or RD;

(5) the down payment and loan-to-value ratios of mortgage loans insured or guaranteed by FHA, HUD, or RD shall be as required by FHA, HUD, or RD;

(6) the loan-to-value ratio of a mortgage loan made to an education professional or a health care professional for owner occupied, single family housing, shall not exceed 100 percent; and

(7) the loan-to-value ratio on a refinancing loan shall not exceed limits established by FNMA, FHLMC, FHA, HUD, VA, or RD for similar refinance loans.

(d) Repealed 9/28/95.

(e) A residential mortgage loan purchased by the Corporation under the program to finance a unit in a condominium project or in a planned community (PC) project shall be subject to the following terms and conditions:

(1) the living units of the condominium or PC project must be within the same structure or a reasonably contiguous structure, and the common elements of the project must have been completed before the purchase of the loan by the Corporation; and

(2) prior acceptance procedures, warranties, and provisions relating to the sale and occupancy of units which are reasonable and customary in mortgage lending shall apply as prescribed in the Common Interest Communities guide.

(f) The Corporation will purchase a loan under the program to finance a residence for members of the Alaska delegation to Congress only if the residence is located in the District of Columbia or within 50 miles of the District of Columbia.

History: Eff. 5/7/93; am 12/16/93, Register 130; am 9/28/95, Register 136; am 6/11/96, Register 139; am 4/2/97, Register 142; am 5/3/2001, Register 159; am 8/20/2003, Register 169; am 11/9/2004, Register 179; am 6/18/2008, Register 187; am 8/27/2014 Register 212

Authority: AS 18.56.088

AS 18.56.098

AS 18.56.109

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Article 2
Qualified Mortgage Bonds

Section

100. Qualified mortgage bond program.

105. Eligibility.

110. Single-family residence.

115. Ownership requirements.

120. Income limits.

125. Purchase price requirements.

130. Assumption requirements.

135. (Repealed).

140. (Repealed).

145. Qualified mortgage loans.

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.100 - 15 AAC 151.145 appeared in former 15 AAC 118.400 - 15 AAC 118.430. The history notes for 15 AAC 151.100 - 15 AAC 151.145 do not reflect the history of the sections under their former numbers.

15 AAC 151.100. Qualified mortgage bond program

The provisions of 15 AAC 151.100 - 15 AAC 151.150 relate to the issuance by the Corporation of qualified mortgage bonds as described in Section 103A(c)(1) and (c)(2) of the Internal Revenue Code of 1954, as amended, and Section 143(a) of the Internal Revenue Code of 1986, as amended, and define and describe mortgages eligible to be financed with the proceeds of qualified mortgage bonds as part of the program. These sections are intended to establish procedures to ensure compliance with the mortgage eligibility provisions contained in the Code.

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