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Updates to Loan Programs & Limits

Conventional Loan Program Updates

Fannie Mae has recently announced income limit changes to their HomeReady Program and similar changes are being made to the HFA Preferred Programs. In an effort to continue to offer loan programs to low-to-moderate income first-time homebuyers in Virginia, VHDA will continue to allow using VHDA’s income limits for conventional loans. As a result, you may notice changes to DU findings, to our lock process and the addition of Exhibit CA – Compliance Agreement. In the future the Fannie Mae programs will be undergoing a name change.

Conventional DU Findings

Effective with application dates on or after September 5, 2019, Fannie Mae No MI loans (HFA Preferred Risk Share) that are over Fannie Mae’s 80% AMI limit will receive an Approve/Ineligible. It is acceptable to proceed as long as the only reason for the ineligibility is due to income exceeding 80% AMI. Fannie Mae Reduced MI loans (HFA Preferred) that are over Fannie Mae’s 80% AMI limit will continue to receive an Approve/Eligible, and VHDA will continue to accept and purchase these loans without any pricing adjustments at this time.

Lock Process Update

In order to capture necessary data for loan delivery, we will be making minor changes to our lock process. Please look for additional communication with detailed changes and process instructions within the next few weeks.

New Form: Compliance Agreement

VHDA Attached is a new form Compliance Agreement. Please begin using this form with all first mortgage closings effective August 20th. This form will be generated at the time of delegated approval from Mortgage Cadence for delegated lenders and at loan approval for non-delegated lenders. Please ensure this executed form is included with your loan delivery. It will also be available at under forms and documents.

Link to Compliance Agreement







New Income and Sales Price Limits

VHDAWe are pleased to announce new VHDA maximum income and sales price limits effective with new applications beginning September 5, 2019. New limits will be forthcoming as well as being posted on our website, training and marketing materials. Most area limits have increased except Charlottesville MSA and King George County. Standard limits apply to all loan programs (Conventional/ FHA/ VA/ RHS) and MCCs. Lower income limits apply to the VHDA Grant programs.





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