January 2019
Most Frequent Loan Purchase Suspense Trends
This month's most frequent loan purchase suspense trends are:

  1. Vesting on Deed Of Trust does not match the vesting on the Title Commitment
  2. Missing evidence that the Mortgage Insurance policy has been activated
  3. MERS MIN Registration is missing
  4. Missing underwriter’s income calculation
  5. Missing third-party verification for verbal verification 
ICYMI: AHFA Announces Home Possible Advantage Product
AHFA and Freddie Mac have teamed up to offer the Freddie Mac Home Possible Advantage conventional loan product to borrowers in Alabama.

The Home Possible Advantage product will replace the HFA preferred product on all Conventional Step Up Reservations made in AHFA’s Lender Online Portal beginning January 22, 2019.

One of the benefits to the Home Possible Advantage product is that borrowers may be eligible for a grant to help with closing costs, in addition to the down payment assistance mortgage currently offered through Step Up.

Borrowers with qualifying income at or below 50% of the Area Median Income (AMI) limits (as published by Freddie Mac) are eligible for an Affordable Income Subsidy (AIS) grant in the amount of $2,500. Borrowers with qualifying income between 50.01% - 80.00% of AMI limits are eligible for a grant of $,1500.

Income limits for these grants are determined by the county location of the home: http://www.freddiemac.com/homepossible/eligibility.html .

Read more here for additional information and qualifications, a flyer with details, and a training webinar that will be hosted by Freddie Mac on January 24.

If you have any questions, please contact Lisa Treece at  ltreece@ahfa.com .
Alabama Housing Finance Authority | www.AHFA.com