15 AAC 151.110. Single-family residence

A person is eligible under the program for a residential mortgage loan which is eligible for purchase by the Corporation under the act to finance the purchase of a residence. As used in 15 AAC 151.100 - 15 AAC 151.250, "residence" includes a duplex only if one unit of the duplex is occupied by the owner of the duplex and the duplex was first occupied as a residence at least five years before the mortgage is executed. The residence must be a single-family residence which, at the time the mortgage is executed by the mortgagor, can reasonably be expected by the Corporation to become the principal residence of the mortgagor within a reasonable time after the financing is provided. The residence must be located within the state or otherwise be described in 15 AAC 151.020(f) . The Corporation will prescribe the form of an affidavit to be signed by each mortgagor of his or her intent to use the residence as his or her principal residence within a reasonable time, not exceeding 60 days, after the financing is provided and will establish other procedures to ensure that the requirement is met. Whether a residence is used as a principal residence will depend on all the facts and circumstances of each case, including the good faith of the mortgagor. Except for duplexes, a residence which can reasonably be expected to be used in a trade or business, as an investment property, or as a recreational home, will not be considered a principal residence. The term "residence" does not include property, such as an appliance, a piece of furniture, or a radio, which under Alaska law is not a fixture. The Corporation will consider land appurtenant to a residence as part of the residence only if the land reasonably maintains the basic livability of the residence and does not provide, other than incidentally, a source of income to the mortgagor. Land appurtenant to a residence is not included in the definition of "residence" if the land may be further subdivided under zoning or platting regulations in effect at the time of the making of the mortgage loan.

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

Authority: AS 18.56.088

AS 18.56.098

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