November 19, 2009
To: VHDA Originating Agents
Re: Storm of November 11, 2009
Required Procedures for Hampton Properties
On November 11, 2009 Governor Kaine declared a State of Emergency for Virginia in response to the combined effects of the remnants of Tropical Storm Ida and a coastal Nor’easter.
In an effort to protect our customers and VHDA’s security interest, the following procedures have been established for closings on properties located in Hampton and surrounding areas with appraisals dated on or before November 11, 2009. These procedures are effective immediately. The affected areas include:
Isle of Wight
The Eastern Shore
VHDA Borrower Certification Regarding Property Condition:
A “Borrower Certification Regarding Property Condition” must be executed prior to loan closing on all property located in Hampton and surrounding areas with appraisals dated on or before November 11, 2009, regardless of the existence of damage. The certification ensures that the borrower has inspected the property subsequent to the storm and provides an acknowledgement and assessment of the condition. This certification is available via the link above.
Repair Requirements and Loan Closing:
Loan closing will not be allowed if there has been any damage to property improvements. All repairs to property improvements must be completed and a final inspection provided prior to closing. Escrow for minor repairs may be considered on a case-by-case basis. Please contact VHDA directly for consideration of these special cases.
Any questions regarding these procedures or other related issues should be directed to Single Family Development at 804-782-1986.
Thank you for your cooperation and assistance as we all work through the problems related to this storm.