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(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
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Last modified 7/05/2006