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Homebuyer Frequently Asked Questions

expand Can I get pre-approved for a mortgage before finding a home? 
Yes! It's a good idea to get pre-approved prior to shopping for a home. This helps you to understand what you can afford, and puts you in a great position to negotiate with a potential seller. Contact a lender near you to get pre-approved.
expand Do you refinance loans for current homeowners? 
expand Does VHDA have programs for buyers with credit issues? 
We offer FHA insured programs; FHA programs allow the most flexibility for borrowers who have experienced credit problems.
expand How do I apply for a VHDA mortgage? 
expand How do I contact VHDA’s Homeownership Area? 

Call us toll free: 800-227-8432

Wytheville office: 800-447-5145

Mortgage Servicing (existing customers): 800-235-6938

Homeownership Education: 888-643-2696

Our mailing address is: 601 S. Belvidere St., Richmond, VA 23220

expand How do I find a VHDA lender? 
expand How do I register for a Homeownership Education class? 

Just follow these steps:

Click here to search the calendar of classes for a time and location that meet your needs. Click the link associated with a class date to view information regarding whom to contact for registration.

More on Homeownership Education

expand How long does the mortgage process take? 
expand Is a home inspection required for a VHDA-financed property? 
Although a home inspection isn’t required for our loans, it is highly recommended. A home inspection performed by a qualified inspector provides full disclosure of the property’s current condition and allows potential problems to be resolved before the sale. This results in fewer problems after closing.
expand Is the seller required to pay any of the closing costs for VHDA mortgages? 
expand What are points? 
Points are fees charged by a lender to reduce the initial interest rate. Points are a percentage of the loan amount; one point is equal to one percent of the loan amount. Points are considered prepaid interest and are usually tax deductible. Generally, the more points you pay, the lower your interest rate.
expand What are the eligibility requirements for VHDA loans? 
expand What are the income limits for VHDA programs? 

Income limits vary based on the area of the state in which the property is located.

Click here for a table of these limits.

expand What are the maximum loan limits for VHDA loans? 
expand What information will I need to apply? 

Being prepared for the loan application reduces the time it takes to have your loan reviewed and approved. You should be able to provide:

  • Copy of current pay stub.
  • Copy of real estate contract for purchase of home.
  • Account numbers for bank accounts and loans.
  • Copies of recent bank statements.
  • Copies of previous three years tax returns.
  • Copy of divorce decree/separation agreement (if applicable).
  • Check for credit report, appraisal and VHDA reservation fee (approx. $500).
expand What is an Annual Percentage Rate (APR)? 
expand What is Private Mortgage Insurance (PMI)? 
Mortgage Insurance protects a lender if a borrower defaults on a loan. Mortgage insurance is placed on the loan when the borrower does not have a sufficient amount of equity or down payment. For a conventional loan, private mortgage insurance is required on all loans if you are borrowing more than 80 percent of the purchase price. For FHA loans, mortgage insurance is required on all loans, regardless of the amount of the down payment.
expand What is the Recapture Tax? 
expand What makes up a monthly mortgage payment? 
Your monthly mortgage payment includes a payment on the principal balance of your loan, an interest payment and your escrow payment (monthly payments collected to pay your hazard insurance, mortgage insurance, flood insurance and property taxes.) This is commonly referred to as PITI (principal, interest, taxes and insurance.)
expand What mortgage loans does VHDA have available? 
expand Where can I find VHDA’s current interest rates? How often do these rates change? 

Rates may change due to a variety of economic factors.

Click here to view current rates.

Contact Us

Homebuyer Department

Toll Free: 800-227-8432
Local: 804-783-6725
Note: In order to protect your privacy, please do not send confidential personal information or sensitive materials through this form. VHDA is not responsible for the security and/or confidentiality of personal information submitted via this form.

Customer Service

Toll Free: 877-VHDA-123
Local: 804-782-1986


Virginia Relay

In Virginia: 711
Toll Free: 800-828-1140


VHDA Fraud, Waste or Abuse Hotline

Phone: 804-915-3146
Website: Reporting Fraud, Waste or Abuse