Section 15 AAC 152.260 - Home ownership assistance agreement(a) The Corporation will not provide an adjustable interest rate until the borrower executes a home ownership assistance agreement with the Corporation. The agreement establishes the terms and conditions for participation in the home ownership assistance program, including the borrower's obligation to occupy the dwelling, to report all income, and to repay excess subsidy payments. A home ownership assistance agreement may not exceed one year in length.(b) A home ownership assistance agreement is personal to the borrower and may not be assigned.(c) The home ownership assistance agreement will provide that the borrower may not obtain secondary financing of a mortgage loan for which there is a home ownership assistance agreement without the written approval of the Corporation.Eff. 5/7/93, Register 130; am 8/3/94, Register 132Authority:AS 18.56.088
AS 18.56.400
AS 18.56.430