VHDA Program Update
To: VHDA Originating Lenders
Date: July 1, 2008
Re: FHA Risk Based Premiums/ Revised Delegated Approval Notice
In accordance with FHA’s new Risk Based Premium structure, effective with case numbers issued beginning July 14, 2008, VHDA will require additional information from our lenders to accurately calculate the new up-front premium. The VHDA Delegated Approval Notice has been revised to capture the additional information necessary to ensure the correct premium is being considered in the calculation of the total loan amount. The revised VHDA Delegated Approval Notice may be used immediately but will be required for all loans submitted for Delegated Approval Confirmation beginning July 14, 2008.
The revised Delegated Approval Notice has also been updated to reflect only the current VHDA programs offered and has been re-organized to offer more efficiency in the completion of the document. The attached revised VHDA Delegated Approval Notice will be available on Forms and Documents site at www.vhda.com. Wednesday, July 2, 2008.
Please feel free to contact the VHDA Single Family Development Department if you have any questions regarding this change.