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Editor's note: 15 AAC 152.300 - 15 AAC 152.340 were adopted by the Board of Directors of Alaska Housing Finance Corporation on December 16, 1992, as 15 AAC 152.510 - 15 AAC 152.550. The history notes for 15 AAC 152.300 - 15 AAC 152.340 do not reflect the history of the sections under their former numbers.

15 AAC 152.300. Federally guaranteed and insured loan program

The Corporation will, in its discretion, purchase VA, FHA, HUD and RD guaranteed or insured loans in the rural loan program, provided that:

(a) the loan amounts, terms, and downpayment are consistent with loans acceptable to FNMA, and

(b) the interest rate is the rate established for the Rural Owner Occupied Loan Program, as published by the Corporation from time to time in writing to financial institutions in Alaska.

History: Eff. 5/7/93, Register 130; am 1/20/95, Register 133; am 6/11/96, Register 139; am 5/3/2001, Register 159

Authority: AS 18.56.088

AS 18.56.400 - 18.56.600

15 AAC 152.310. Borrower eligibility

To qualify for a loan under this section a borrower must meet the qualifications set by either FHA, HUD, RD, or VA as they pertain to income and other specific program requirements and all general borrower loan qualifications of the Corporation.

History: Eff. 5/7/93, Register 130; am 1/20/95, Register 133; am 6/11/96, Register 139

Authority: AS 18.56.088

AS 18.56.400 - 18.56.600

15 AAC 152.320. Eligible properties

Properties securing loans under the program described in 15 AAC 152.300 must meet property requirements set by either FHA, HUD, RD, or VA, and must be located within eligible rural areas meeting the definition of small community under AS 18.56.600 (2).

History: Eff. 5/7/93, Register 130; am 1/20/95, Register 133; am 6/11/96, Register 139; am 8/13/2004, Register 178

Authority: AS 18.56.088

AS 18.56.400 - 18.56.600

15 AAC 152.330. Loan terms and restrictions

(a) No loan may exceed the limits established by RD, FHA, HUD, and VA for the specific program in which the applicant is applying for or the limit established by the Rural Housing Loan Program, whichever is the lower amount.

(b) The loan-to-value ratio and loan amounts on first lien federally guaranteed or insured loans shall be as follows:

(1) the guarantee plus the down payment on a mortgage loan guaranteed by the Veterans Administration must equal 25% of the value of the residence, and the VA guarantee must equal the maximum guarantee possible under the VA Program; and

(2) 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, and RD.

(c) The term for federally guaranteed and insured loans shall be determined by the program in which the applicant is applying. The Corporation will, in its discretion, reject an application submitted at a 30-year term if it is determined that the property does not have the physical or economic remaining life of 30 years.

History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 1/20/95, Register 133; am 9/28/95, Register 136; am 6/11/96, Register 139; am 4/2/97, Register 142; am 5/3/2001, Register 159

Authority: AS 18.56.088

AS 18.56.400 - 18.56.600

15 AAC 152.340. Assumability

Loans under the program described in 15 AAC 152.300 are assumable to qualified applicants upon written approval by the Corporation and in accordance with applicable requirements of FHA, HUD, RD, or VA.

History: Eff. 5/7/93, Register 130; am 1/20/95, Register 133; am 6/11/96, Register 139; am 4/2/97, Register 142

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