Alaska Mortgage Loans
- 1. Maximum Amount:
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Consistent with secondary market requirements. Normally, that means:
- 80% of appraised value without mortgage insurance.
- Up to 95% of appraised value (or such other limits as set by the investor) with mortgage insurance and a prior commitment from a secondary market investor.
- When FHA-insured, VA-guaranteed or other similar program loans are made, the limit is the maximum percentage of value acceptable to the insuring or guaranteeing agency.
- 2. Maximum Term:
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360 months.
- 3. Type of Lien:
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First Deed of Trust.
- 4. Annual Percentage Rate:
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Periodically established by the Board of Directors and based on secondary market conditions.
- 5. Late Charges:
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There will be a late charge of 5 percent on all payments not received prior to the 16th day of the month, unless otherwise specified by the secondary market investor, guarantor or insurer.
- 6. Fees:
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Periodically established by the Board of Directors and based on secondary market requirements. (See Fees.)
- 7. Restrictions:
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The property must be a one-to-four family dwelling used as the principal residence of the member. Properties with any number of units may be financed, owner occupied or not, provided the loan is additionally secured by the insurance or guarantee of, or an advance commitment to purchase the loan has been obtained from the Federal government, State government or an agency of either.
Underwriting requirements for both property and member will be those established by the secondary market investor.
- 8. Miscellaneous:
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Title insurance, credit reports, appraisal, homeowner's insurance and as-built survey are normally required. All documentation required by the applicable secondary market investor, guarantor and/or insurer must be obtained.
(A prior commitment from a secondary market investor will not be required on those loans authorized for inclusion in the credit union's portfolio. However, all such loans approved under this guideline must be saleable to the secondary market.)
(Loans not having a prior commitment from a secondary market will be limited to those secured by detached single-family properties or duplexes.)
