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Elimination of "Family Rule"

Elimination of "Family Rule"

To: VHDA Originating Lenders

Date: July 25, 2003

From: Janice Burgess, Single Family Loan Programs Manager

 
The VHDA Board of Commissioners has unanimously approved the rescission of the current regulation known as the "Family Rule" which required that borrowers be related by blood, marriage or adoption. This change is effective immediately.

VHDA is in the process of updating the forms which reference this issue. These forms are:

VHDA Form Ex-E Single family Mortgage Revenue Bond Program Disclosure and Affidavit of Borrower
and VHDA Form Ex-D(2) VHDA Flexible Alternative Application Disclosure

VHDA will notify lenders via e-mail when these forms are updated and available on our web site. These changes will also be provided to VMP Mortgage Forms.

Until updated documents are available - lenders may proceed with originations and disregard any reference to the regulation.

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