The income calculation for the Step Up program has been updated
(this update does not affect MCC reservations).
Effective for all Conditional Commitments issued on or after November 14, 2018, AHFA will eliminate the COMPLIANCE income calculation for borrowers qualifying for the Step Up program. AHFA will consider only the borrower(s)
qualifying income as calculated by the participating lender's underwriter when reviewing the Step 2 compliance package.
Lenders must provide the Income Calculation Worksheet to verify the qualifying income that is noted on the Uniform Residential Loan Application, executed 92900-LT/1008 and the AUS Findings. The income limit for the program will remain $97,300.
The
Step Up Manual has been updated to reflect the changes to Section VII, Income Guidelines for Salaried & Self-Employed Mortgagors. The
Step 2 Transmittal Checklist has also been updated to reflect this change.
