To: VHDA Originating Lenders
Date: January 20, 2005
VHDA is pleased to announce a new geographic lookup tool that will greatly improve the identification of properties located within Federal Targeted Areas. Borrowers in these areas who utilize VHDA's 1st-time homebuyer (Mortgage Revenue Bond) programs get the benefits of increased income and sales price limits and a waiver of the 1st-time homebuyer requirement. Because many of Virginia's Federal Targeted Areas have irregular boundaries and encompass only part of a city or county, accurate identification of properties located in these areas has been difficult. This new technology promises to address this issue and make this process easier than ever, ensuring that more of Virginia's borrowers will get the benefits of owning a home in these areas.
This geographic technology has also been incorporated into our Loan Reservation System. By automating the selection of address's Jurisdiction, Targeted Area status and other geographic information, this new enhancement will greatly improve accuracy and compliance of our borrower's property-related data. Note that if a property address is located within a Federal Targeted Area, the 1st time homebuyer requirement waiver and higher income and sales price limits will now be applied automatically. You will notice several changes in the way that property information is entered and updated . These changes are detailed in the updated Reservations User's Guide.
The links below will take you directly to the new geographic search tool, targeted limits and Reservations User's Guide mentioned in this announcement. We hope you find the new system changes easy to use and look forward to your feedback. Questions related to Federal targeted Areas should be directed to your assigned VHDA Business Development Officer or to VHDA Single Family Department at 1-800-227-8432. Thanks for your continued support of VHDA's programs.