Yes, and the total income of all borrowers listed on the note may not exceed the following limits:
Income of all borrower(s) listed on the note to be included in determining the maximum income eligibility
Alexandria, Arlington County,Clarke County, Fairfax,Fairfax County, Falls Church,Fauquier County, Fredericksburg,Loudoun County, Manassas,Manassas Park, Prince William County, Spotsylvania County, Stafford County
You will find a list of the lenders currently participating in VHDA’s Fannie Mae No MI Pilot program provided below. Please contact any one of them to begin the loan process.
Participating VHDA Fannie Mae No MI Pilot Lenders
This new loan is currently a pilot program that only a few lenders can offer. These approved lenders include:
Once out of pilot program status, this loan will be available from additional VHDA-approved lenders.
Yes. To protect confidential information, first-time users must complete a user ID and password registration. To do this:
Registration is complete when you've received the response "Your User ID and password have been established." You'll be taken to the login page and may now log in using your new user ID and password.
Note: There can be a total of two user IDs per loan.
If you have unsuccessfully attempted to log on three times, the system will lock the loan. Contact Customer Service at 800-235-6938 or email us to have your password reset.
If emailing, please provide your loan number for easy identification and faster service. You will be contacted when the reset is complete so that you can re-register.
Follow these steps:
Complete the following fields:
There are steps you can take to avoid foreclosure on your home. If you experience a hardship and are worried about making your house payments, understand your options. Do not ignore the situation or avoid your lender. The website www.virginiaforeclosureprevention.com offers tips and advice on saving your home from foreclosure. The site also includes links to brochures which deal specifically with this issue.
*You will leave VHDA.com when you visit this website.
Online loan information is available 24 hours a day, 7 days a week. Sign on anytime – from home, work or while traveling.
Hours of availability for online payments are:
As long as you have a mortgage, you must always carry adequate Homeowner's insurance coverage on your property, as required by your Deed of Trust.
If you receive a cancellation notice for any reason, please contact us immediately so we may assist you. Failure to replace a canceled policy will result in the placement of force-placed insurance, which is more expensive than standard coverage and may not provide the same type(s) of coverage.
If you decide to change your insurance carrier, please:
Insurance coverage that will be obtained by VHDA when proof of insurance coverage has lapsed, been canceled or has not been received. Force-placed insurance is a safeguard to protect our interest in the property if damage were to occur and you had not maintained adequate coverage.
It is almost always more expensive than insurance coverage you can purchase yourself. Also, if anything should happen to your property, you may not submit any personal claims under a force-placed insurance policy. This is one reason it is critical that you maintain your own homeowners insurance.
Yes. VHDA frequently acquires single family homes, condominiums and townhouses via foreclosure sales. These properties are then offered for sale to the general public. A complete listing is available by clicking here.
You may also want to go to Frequently Asked Questions about VHDA Properties.
You may be eligible to cancel the mortgage insurance if your loan meets the following criteria:
Conventional loans (PMI) - The mortgage insurance can be cancelled if the current loan to value ratio is 80% or less of the original sales price and your account has a 12 month good payment history.
A new appraisal may be submitted to determine current value. A tax assessment will not be used to determine current value.
FHA loans (Mortgage Insurance) MI - The cancellation of MI insurance has stricter guidelines. The termination of this insurance is based on the original down payment and loan origination date. A new appraisal may not be used to determine current value to delete mortgage insurance on a FHA loan.
To see when your mortgage insurance will be eligible for termination on a FHA loan, please contact our Customer Service Department at 1-800-235-6938 or locally at 804-783-6729.
We use LERETA, LLC Tax Service to obtain all tax bills. Although LERETA, LLC is responsible to VHDA for obtaining this information, you should forward any tax bill that you receive to VHDA at:
Virginia Housing Development AuthorityAttn: Tax DepartmentP O Box 4629Richmond, VA 23220-8629
When performing an escrow analysis, the most recent disbursement amount is used to calculate the amount required on an analysis. Some estimates of expenses are made. Up-to-date tax and insurance bills may not be available at the time of analysis. In estimating an escrow account, over-collection and under-collection may sometimes occur. If there is a surplus of funds in your account after the annual analysis, this is called an overage. If the overage is more than $50.00, it will be refunded, provided your loan is current.
When funds have been under-collected, a shortage occurs. The amount of the shortage would be the maximum negative amount that your account would reach if an adjustment to your payment were not made. If a shortage does occur, your monthly loan payment will be adjusted to include the escrow payment amount plus 1/12 of your escrow shortage. You also have the option of paying off the shortage in one lump sum.
Your local taxing authority issues a supplemental bill for an additional tax due when the current value of your home is more than the previously assessed value on which the original tax was based. This bill is generally issued on new construction property, and is generally sent directly to you as the homeowner.
However, if there is a sufficient excess in your VHDA escrow account to cover the total payment of your tax bills at the time due, then VHDA will pay the supplemental tax bill for you out of your escrow account.
You should call our Customer Service Department and talk to a representative whenever you receive any supplemental tax bills for your property.
Recapture is a tax that you could have to pay on your federal income tax returns if, within nine years of purchasing a home financed with one of VHDA's First-time Homebuyer (tax-exempt bond) Programs, you sell the property. The majority of VHDA's borrowers are not subject to this tax
An escrow account is used when VHDA disburses your tax and insurance payments on your behalf. The escrow analysis helps determine how much money should be deposited into an escrow account to cover future tax and insurance obligations.
We perform an annual escrow analysis on each account to determine whether the monthly payment amount needs to be adjusted. Adjustments would be based on payments VHDA has already made on your behalf, what we have to pay in the coming year and the amount in your escrow account at the time of analysis.