Alaska Administrative Code
Title 15 - Revenue
Chapter 151 - AHFC General Programs
Article 7 - Miscellaneous Loan Programs
15 AAC 151.650 - REO financing program
Current through February 27, 2024
(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:
(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.
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.
Authority:AS 18.56.088
AS 18.56.090