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FACTA Regulations and Termination of Homebuyer Tax Credit Plus for Military

To:    VHDA Originating Lenders
Date:  January 19, 2011
FACTA Regulations
Effective January 1, 2011, the Fair and Accurate Credit Transaction Act of 2003 (FACTA) rules for risk-based pricing require a creditor to provide a notice to consumers. The risk-based notice, with an overview of this requirement as it relates to VHDA loans, can be found here.  The model disclosure provided by consumer reporting agencies that satisfies this requirement can be found here.

Homebuyer Tax Credit Plus for Military Personnel
As a result of upcoming changes in truth in lending regulations, combined with the lack of use by eligible personnel since its extension, VHDA is terminating our Homebuyer Tax Credit Plus program for those in the military. This termination is effective immediately.

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