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

  1. Missing Alta 9 endorsement or cleared survey on title commitment
  2. Missing evidence that PMI has been activated
  3. Underwriter’s Income Calculation worksheet not included
  4. Third party verification of employment address and phone numbers not in file
  5. UCD Finding Report reflecting “Successful” with no fatal errors-transferred to AHFA
New MCC Income & Sales Price Limits
AHFA has revised the income and sales price limits for borrowers using a Mortgage Credit Certificate.

Both the sales price limits and income limits were raised across the board. This means more Alabamians are now eligible to use the MCC program to help make purchasing a home more affordable!

The revised limits are effective for all MCCs originated on or after July 15.

The maximum home purchase price for a loan with a MCC is $271,165 (borrowers in a target area can buy a home costing as much as $331,423). Income limits for specific counties as well as the rest of the state can be found at http://www.ahfa.com/homebuyers/programs-available/mccs/income-limits.

A Mortgage Credit Certificate reduces the amount of federal income tax homebuyers must pay, which in turn frees up income to qualify for a mortgage. Borrowers can claim a federal tax credit worth 20 to 50 percent of mortgage interest paid each year, capped at $2,000 annually. MCCs can be combined with AHFA's Step Up financing to maximize affordability.

AHFA's sales price limits for the MCC program are based on FHA's program loan limits.
Have You Received A Perfect Submission Postcard? Take A Pic & Send It To Us!
Since June 1 when we announced we brought back the AHFA Processor of the Year competition, we've been mailing out Perfect Loan Submission Postcards to processors who've submitted perfect compliance packages.

If you've gotten a postcard, feel free to take a pic with yours and send it to us at communications@ahfa.com . Also, in the past when we mailed out what were then called Star Cards, some processors would keep track of their perfect submissions and decorate their offices by posting each new Star Card on their wall. So if you've collected several Perfect Loan Submission Postcards already, take a pic with all of them and show off your progress towards taking the Processor of the Year title.

We'll post any pictures on social media and boost the post so potential homebuyers can see you know about AHFA programs and how they help make buying a home more affordable!
Want To Know More About AHFA Programs?
We'll come train you on the benefits of our homebuyer programs and how to utilize them. Our Step Up down payment assistance program and Mortgage Credit Certificates help make homebuying more affordable and help more people qualify to buy a home.

Want to know the details? We offer onsite, in-person training for all mortgage professionals! These classes include training on our programs, borrower and property eligibility, processing, documentation, income calculations and more.

Contact us today to schedule a date and time! Email Cathy James at   cjames@ahfa.com .
Alabama Housing Finance Authority | www.AHFA.com