HOMEBUYER LOAN RATES

Fixed	3.375%	3.534% APR
FHA Plus	3.625%	3.786% APR

Overview of VHDA Multifamily Financing

We can provide non-recourse construction ﬁnancing in conjunction with permanent mortgages.
VHDA offers ﬁxed-rate, long-term forward commitments tailored to your needs. Many of the projects we ﬁnance use the competitive 9% Federal Low-Income Housing Tax Credit program, which VHDA administers.
The taxable bond program has liberal income limits of 150% of median income. VHDA also ﬁnances mixed-income (MI) projects using our taxable bond program with no income limits on 60% of the project. The MI requires 20% @ 80% of the area median income (AMI); 20% @ 120% AMI- (Not adjusted for family size). These projects must be located in certain revitalization areas and the developer must obtain a locality resolution.
We will provide taxable loan increases at any time to existing VHDA loans where appraised values and cash ﬂows warrant.
Our tax-exempt program requires no outside bond counsel or credit enhancements. All costs are in the loan rate and fees.
We will refund the tax-exempt bonds of other qualiﬁed issuers to take advantage of prevailing rates. Existing income limits are retained.
We offer below-market ﬁnancing through our SPARC/REACH Virginia program to qualiﬁed projects that would otherwise go unﬁnanced in the conventional market. These funds may be layered with taxable or tax-exempt bond products, or may stand alone.
HUD 236 Decoupling – VHDA can structure two pieces of debt with dissimilar maturities that will be used to pay off an existing 236 mortgage decouple and capitalize the remaining Interest Reduction Payment contract.
Rural Development Section 515 Reﬁnancing – VHDA has reﬁnanced a number of existing Rural Development projects where that organization subordinates its existing lien to VHDA’s new debt.
We are amenable to reﬁnancing properties where there is an annual Section 8 contract in place. VHDA will underwrite those projects at prevailing market rents.
Our loans are generally non-recourse and are based on minimum debt coverage ratios of 1.10. This allows us to ﬁnance all types of ownership entities, including tenants-in-common.