Loading chat...

AK SB191

Bill

Official Source

Status

Introduced

1/18/2024

Primary Sponsor

Rules

Click for details

Origin

Senate

33rd Legislature

AI Summary

  • Amends AS 18.56.096(a) to modify restrictions on Alaska Housing Finance Corporation mortgage lending authority
  • Removes the 95 percent loan-to-value ratio restriction for single-family residence first mortgage loans, keeping only the principal amount limitation of no more than 10 percent above Federal National Mortgage Association limits
  • Changes second mortgage loan restrictions for single-family residences by removing the principal amount comparison requirement and maintaining only a 90 percent combined loan-to-value ratio cap
  • Maintains existing prohibitions on loans for duplexes, triplexes, and four-plexes; loans requiring registered contractors; rental housing loans without non-discrimination agreements; multiple first mortgages; and loans to borrowers with past due child support obligations

Legislative Description

Ahfc Make/purchase Mortgage Loans

Public Corporations

Last Action

REFERRED TO LABOR & COMMERCE

1/18/2024

Committee Referrals

Labor & Commerce1/18/2024

Full Bill Text

No bill text available