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Fresh Start Loan Program

Date: June 8, 2001

To: All VHDA Originating Agents

From: Michele G. Watson

Re: Fresh Start loan program


The Virginia Housing Development Authority is pleased to announce the Fresh Start loan program. The Fresh Start loan is targeted to persons who have experienced difficulties or obstacles to homeownership due to past credit issues. By incorporating extensive pre and post purchase counseling, VHDA is able to offer this alternative to sub-prime lending products for these marginal borrowers.

All Fresh Start loans will be funded by Mortgage Revenue Bond proceeds. Therefore, borrowers must meet all VHDA 1st time homebuyer requirements (income, net worth, etc.). The interest rate charged will be the same rate as our 1st time homebuyer programs. Borrowers must meet the Fresh Start program credit requirements and the originating lender will obtain private mortgage insurance through GE Mortgage Insurance, VHDA's partner in this program. Reservations will be accepted beginning June 15th by faxing a reservation request to the attention of Gene Griffin at (804) 783-6728. Please be sure to mark the request "Fresh Start Reservation." During the pilot phase, the Fresh Start loan will not be eligible for delegated underwriting procedures.

Select a link below for the Fresh Start Loan Program Procedures, Fresh Start Program Description, and a list of participating Counseling Agencies. Thank you for your continued support of VHDA, and if you have any questions, please feel free to call Toni Ostrowski or me.


Michele G. Watson
Assistant Director of
Single Family Origination

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