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Replacing An Existing Mortgage


The RFAL process is a streamlined and efficient process for an AHC member to add his/her name to the ACTIVE LIST. It is in the member's best interest to complete the RFAL Form carefully and completely with appropriate supporting documents so that his/her name is added to the AL quickly.

RFAL Requirements

AHC funds up to 80% of amounts US$100K and less, and up to 70% of higher amounts with a maximum of US$500,000.00 as "AHC INVESTMENT PORTION". The "DOWN-PAYMENT" (member's balance in his/her AHC account) is added to the "AHC INVESTMENT PORTION" to get the "TOTAL INVESTMENT".


  • For US$100K investment from AHC, the member needs to have a "DOWN-PAYMENT" of US$25K. The TOTAL investment available for the member would be US$125K.
  • For US$500K investment from AHC for refinancing a home,at least 33K (10% of 333K) must be in member's AHC and the member's demonstrable equity in his/her home must be GREATER than US$66K (20% of US$333K). US$66K + US$33K= US$99K (30% US$333K). The TOTAL cash investment available for the member would be US$333K.

However, a member does NOT have to have the full "DOWN-PAYMENT" when requesting to have his/her name added to the "Active List".


Member needs to meet the following criteria to have the name on the "Active List":

For Refinancing a member-owned home:

The member must either have:

  • US$50K in his/her account at the time the RFAL, OR
  • At least 10% of "TOTAL INVESTMENT" in member's AHC account (up to a maximum of US$50K). The member's "Demonstrable Equity" in his/her home combined with his/her AHC balance must be GREATER than 30% of the "TOTAL INVESTMENT" being sought from AHC
    Eg. if a member wants AHC to refinance a mortgage of 200K, then the member must have at least 20K in his/her AHC account and his/her equity in the home must be greater than 44K. For member's total investment of 66K (30% of 220K).


  1. A member intending to purchase/refinance a property needs to complete the RFAL form and mail it to the AHC Board for review. If the member is refinancing, proof of equity in home must be mailed along with the RFAL form.
  2. As per the Regulations of the Co-operative: "Members are NOT allowed to rent, lease or sublet ALL or PART of the housing unit."
  3. The member needs to have the minimum funds required for RFAL in his/her AHC account when submitting the RFAL to qualify.
  4. The date on which AHC receives the completed RFAL form will be the "ELIGIBILITY DATE" and will determine the position of members on the Active List.
  5. The AHC Board will review the RFAL form and will inform the member of their decision in writing or email.
  6. If the member's RFAL is denied, he/she will be informed in writing the reasons and the name will NOT be added to the AL.
  7. If the member's RFAL is approved, then:
    • The name of the member will be added to BOTTOM of the list of ACTIVE members on the Active List.
    • A letter with member's position on AL will be mailed to the member.
  8. After the member's name has been added to the AL, the member will wait for other members, ahead of him/her on the AL, to move off the AL or get on "HOLD".
  9. When his/her name approaches the #3 position on the AL, AHC will contact the member to deposit his/her "FULL DOWN-PAYMENT", as indicated by the RFAL, within 30 days.
  10. If the member does NOT want to deposit additional funds at that time, then the person's name will be put on "UNQUALIFIED HOLD" and he/she will be asked to complete the RHAL Form.
  11. After the member has deposited his/her FULL required down-payment in to his/her AHC account, they will wait to have their name become #1 on the AL .
  12. Once the member's name has become #1 on the AL, the member will be asked to begin "OCCUPANCY PROCESS" so that he/she can either find and buy a home or refinance his/her home with AHC's total investment.
  13. A member has 60 days to find and purchase his/her new home.
  14. For refinancing a personal home mortgage, a member has 30 days to close the transaction.
  15. A member who has been asked by AHC to begin "OCCUPANCY PROCESS" may choose to be placed on "QUALIFIED HOLD" by informing the AHC Board using the RHAL Form.
  16. "HOLD" (QUALIFIED or UNQUALIFIED) is for a minimum of 45 days from the "HOLD DATE".
  17. Use the RHAL form to get on "HOLD" and to get "RE-ACTIVE on the AL "for both "Qualified Hod" and "Unqualified Hold".
  18. Use the RHAL form to be REMOVED from the AL.


"ACTIVE LIST" (AL) is the list of AHC members who have, in writing, informed AHC Board of their intentions to acquire/refinance a property with AHC's investment.

"DOWN-PAYMENT" is the investment balance REQUIRED by AHC in a member's AHC. Eg. US$128K is the member's down-payment for AHC's investment of US$500K for a TOTAL investment of US$428K to purchase a new home. Use the Down-payment and AHC Investment Portion calculator to compute your investment.

"TOTAL INVESTMENT" is the total amount AHC will invest in a house. It is the sum of member's full Down-payment and AHC's Investment Portion investment. Eg. TOTAL investment is US$428K to purchase a new home (US$128K is the member's down-payment + US$500K is AHC's investment portion).

"AHC INVESTMENT PORTION" is the amount that AHC invests in EXCESS of member's down-payment.Eg. AHC Investment portion is 500K, if the total investment is US$428K and member's down-payment is US$128K.

"ELIGIBILITY DATE" is the date on which the RFAL or written/email notification requesting to be on Active List from the member is received by AHC.

"HOLD DATE" is the date on which the RHAL or written/email notification about going on "HOLD" from the member is received by AHC.

"OCCUPANCY PROCESS" is the final stage of receiving an AHC investment to close the deal.

"QUALIFIED HOLD" is the list of member name's on AL who were asked by AHC to begin OCCUPANCY PROCESS but instead chose to wait. A member on "Qualified Hold" HAS the full down-payment invested with AHC.

"UNQUALIFIED HOLD" is the list of member name's on AL who were asked by AHC to deposit their full down-payment but instead chose to wait. A member on the "Unqualified Hold" does NOT have the full down-payment invested with AHC.

"RE-ACTIVE" is to get active again after being on HOLD on the AL. Use the RHAL form to get "RE-ACTIVE on the AL". A member needs to deposit the FULL DOWN-PAYMENT to get "RE-ACTIVE" on AL from "UNQUALIFIED HOLD".


Main Office

San Tomas Business Center Building # 1
2060 Walsh Ave, Suite 101
Santa Clara, CA 95050
Tel: (408) 986-9786
Fax: (408) 986-9787

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