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VHDA Program Update

March 31, 2006

To:  VHDA Originating Lenders

Updated Program Disclosure (2006 RESPA Update) effective April 1, 2006
Updated Income and Sales Price Limits

Updated Program Disclosure:
The Loan Servicing Disclosure on page 2 of the VHDA Program Disclosure and Affidavit of Borrower (Ex-E) has been updated as required by RESPA.  It is only available on the VHDA website at www.vhda.com under Forms and Documents.  VMP cannot currently provide the VHDA Program Disclosure with the updated Loan Servicing Disclosure.

The updated VHDA Program Disclosure and Affidavit of Borrower must be signed within 3 days after applications taken on or after April 1, 2006.  If a loan application is switched to a VHDA loan program, if requested, the originating agent should be able to provide a copy of their servicing disclosure that was provided during the application process.

In upcoming weeks there will be additional updates to the VHDA Program Disclosure and Affidavit of Borrower. 

If you have any questions are concerns regarding the updated Loan Servicing Disclosure, please contact Sheila Pollard at 804-343-5976 or sheila.pollard@vhda.com.

Updated Income and Sales Price Limits

VHDA is pleased to announce updated income and sales price limits for all First-time Homebuyer Bond Programs and income limits for Flexible Alternative Programs.  All limits are effective for loans reserved beginning April 1, 2006.

Income Limits:
These limits are based on federal income limits recently released by HUD.  Unless identified separately on the Sale Price/Income Limits charts, all areas fall under the "Statewide " limits. Many areas realized a modest increase however some areas remained unchanged.

Sales Price Limits:
Sales price limits increased significantly in most areas of the state.  This is a direct reflection of the dramatic increase in the costs of housing statewide.  The sales price limits are issued by the U.S. Department of the Treasury based on a formula using FHA maximum loan limits and approved by VHDA.

New Sales Price and Income Limits charts are available to view and print at www.vhda.com.

We hope that these new limits will provide an opportunity for more borrowers to take advantage of VHDA's many affordable loan programs. 

Attachments:
Ex. E – VHDA Program Disclosure
Ex. D2 – Flex Alt Application Disclosure
2006 MRB Limits
2006 Flex Limits

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