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(a) The Corporation will, in its discretion and in accordance with the provisions of this section, purchase a loan to provide financing for properties owned by the Corporation or, at the Corporation's sole discretion, mortgage insured properties that do not meet property requirements for other financing by the Corporation, including the non-conforming program, provided that:
(1) the borrower has the financial ability to pay all of the borrower's debts;
(2) the loan may be a second home loan or non-owner occupied;
(3) the loan-to-value ratio does not exceed 95 percent on single-family and duplex property, or 90 percent on triplex and four-plex properties, or 90 percent on non-owner occupied or second home properties;
(4) the maximum term does not exceed five years less than the remaining economic life of the property or 20 years, whichever is less; and
(5) the borrower is not obligated on any other loan financed by the Corporation.
(b) The loan interest rate under this section shall be at a rate determined by the Corporation (state veterans preference interest rate is not available under this program).
(c) A loan purchased under this section is assumable to a qualified borrower under 15 AAC 151.910.
(d) The Corporation will establish procedures for application for a loan under this section and for other matters pertaining to this section in the sellers' guide.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.650 was contained in former 15 AAC 118.295. The history note for 15 AAC 151.650 does not reflect the history of the section under its former number.
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Last modified 7/05/2006