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VHDA Mortgage Customer FAQ

Refinancing with a VHDA Fannie Mae No MI - Pilot Loan

expand Are all property types eligible for financing? 
No. All single family residential properties, including detached homes, townhouses and approved condominiums, are eligible for refinancing. However, manufactured homes are not.
expand Are there any costs I’ll be expected to pay as part of the application process? 
expand Are there fees or cost involved in this refinance? 
Yes, standard closing costs are charged. These can range from approximately 3% - 5% of the new loan amount. You will be required to pay these fees from your own funds unless your home’s appraised value is high enough to include these costs in the new loan.
expand Are there income limits for loan eligibility? 
expand Are there minimum credit requirements? 
Yes. All borrowers on the loan must have a minimum of a 660 credit score. In addition, borrowers cannot have any outstanding collections or judgments.
expand Are there minimum qualifying requirements? 
expand Are there requirements related to my mortgage payment history? 
Yes. You must have a satisfactory payment history for at least the previous 12 months.
expand Can I refinance my current VHDA loan? 
expand Do I have to apply and qualify like I would for a new loan? 
Yes, and your income, credit, assets and appraisal must meet the loan criteria.
expand Does the property have to be my current residence? 
expand How do I submit a loan application? 

You will find a list of the lenders currently participating in VHDA’s Fannie Mae No MI Pilot program provided below. Please contact any one of them to begin the loan process.

Participating VHDA Fannie Mae No MI Pilot Lenders

expand How is the loan calculated? 
expand I have a second mortgage – will this have to be paid off? 
Yes. Any existing second mortgage must be paid off prior to closing on the new loan. Some second mortgages (if acquired for the purchase of the home) may be included and paid off with the new mortgage, if the total does not exceed 97% of the current value. 
expand Is the loan restricted based on the current value? 
expand Is there any way to obtain an estimate of the current value of my home? 
Yes. Although tax assessments do not represent the current appraised value, reviewing your tax assessment may help you estimate whether your home’s current property value will be enough for a new mortgage to pay off your current loan balance. There are also websites (such as that can provide estimated market value. In addition, you may want to consider contacting the real estate agent who assisted you when you bought your home. They may have current market data available that can provide you an estimated value.
expand Who do I talk to about refinancing with VHDA’s Fannie Mae No MI Pilot Loan? 

Questions About Accessing Your Information Online

expand Do I need to register to access my loan information? 

Yes. To protect confidential information, first-time users must complete a user ID and password registration. To do this:

  • Select the "Access My Loan Information" link.
  • Click "Register User ID/Password." You'll be taken to the Registration page.
  • Enter the requested information.
  • Click the "Save" button.

Registration is complete when you've received the response "Your User ID and password have been established." You'll be taken to the login page and may now log in using your new user ID and password.

Note: There can be a total of two user IDs per loan.

expand I am locked out. What do I do? 
expand I have forgotten my User ID and/or Password. What do I do? 

Follow these steps:

  1. Select the "Access My Loan Information" link.
  2. Click "Forgot User ID/Password".
  3. Enter your Loan number and Social Security number.
  4. Click "Continue".
  5. The Verification Question page appears and asks the question you created at registration. You must enter your response answer and then click "Continue".
  6. Your response will be validated. Click "Continue".
  7. The User ID will appear and you’ll be asked to create a new password. You must enter a new password and then verify the new password.
  8. Click "Save".
  9. If you enter all information correctly, the message box will display "Your Password has been successfully changed. You are now ready to logon."
expand What do I need to do to register? 

Questions About Your Loan

expand Can I have my payments automatically drafted from my checking or savings account? 
Yes. You can take advantage of our Automatic Mortgage Payment Option (electronic payment service). The amount of your payment, plus any additional amounts you want to add toward principal reduction on a continual basis, can automatically be deducted each month from the checking or savings account you designate. It’s fast, and best of all, it’s free. Click here to sign up.
expand Can I make my mortgage payment online? 
expand How can I get payoff information? 
Please fax payoff requests to 804-343-8720. Third parties must fax us a copy of the customer's authorization for release of any information.  Verbal payoffs will not be given over the phone.
expand I am a co-mortgagor. Will I receive an annual loan statement? 
expand If I’m experiencing a hardship beyond my control, how can I save my home from foreclosure? 

There are steps you can take to avoid foreclosure on your home. If you experience a hardship and are worried about making your house payments, understand your options. Do not ignore the situation or avoid your lender. The website offers tips and advice on saving your home from foreclosure. The site also includes links to brochures which deal specifically with this issue.

*You will leave when you visit this website.

expand What are the hours for accessing my loan information and making payments online? 
expand What does my monthly mortgage payment include? 
A payment to the principal balance of your loan, the 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 P.I.T.I. (Principal, Interest, Taxes and Insurance).
expand Why is a principal balance not my payoff amount? 
expand Why is there only one social security number on my annual loan statement? 
It is VHDA's responsibility to report the total amount of interest paid during the calendar year. Since VHDA does not take a position with respect to the financial interest of each party on a loan, VHDA only reports under the primary social security number. The IRS does not require reporting for additional social security numbers.

Answers to Insurance Questions

expand How can I cancel my Homeowner’s insurance? 

As long as you have a mortgage, you must always carry adequate Homeowner's insurance coverage on your property, as required by your Deed of Trust.

If you receive a cancellation notice for any reason, please contact us immediately so we may assist you. Failure to replace a canceled policy will result in the placement of force-placed insurance, which is more expensive than standard coverage and may not provide the same type(s) of coverage.

expand How do I change insurance companies or carriers? 
expand How do I renew my policy? 
If your loan is escrowed, we pay and renew your insurance. Your insurance company or agent is directed to send us the bill for your renewal. To guard against any lapse in coverage, insurance premiums are usually paid 30 days in advance of the due date.
expand What is force-placed insurance? 
expand What type of insurance coverage is required? 
Property, fire or homeowners insurance is required by all mortgage lenders to protect their investment against loss or damage to the property. As a homeowner, and in accordance with your Deed of Trust, you must maintain adequate coverage at all times.

Answers to General Loan Questions

expand Does VHDA have any properties for sale? 

Yes. VHDA frequently acquires single family homes, condominiums and townhouses via foreclosure sales. These properties are then offered for sale to the general public. A complete listing is available by clicking here.

You may also want to go to Frequently Asked Questions about VHDA Properties.

expand How can I cancel the mortgage insurance on my loan? 
expand How does VHDA obtain tax bills? 

We use LERETA, LLC Tax Service to obtain all tax bills. Although LERETA, LLC is responsible to VHDA for obtaining this information, you should forward any tax bill that you receive to VHDA at:

Virginia Housing Development Authority
Attn: Tax Department
P O Box 4629
Richmond, VA 23220-8629

expand What are escrow adjustments (overages, shortages and reserves)? 
expand What are supplemental tax bills? 

Your local taxing authority issues a supplemental bill for an additional tax due when the current value of your home is more than the previously assessed value on which the original tax was based. This bill is generally issued on new construction property, and is generally sent directly to you as the homeowner.

However, if there is a sufficient excess in your VHDA escrow account to cover the total payment of your tax bills at the time due, then VHDA will pay the supplemental tax bill for you out of your escrow account.

You should call our Customer Service Department and talk to a representative whenever you receive any supplemental tax bills for your property.

expand What does prepayment mean? 
expand What is a recapture tax? 

Recapture is a tax that you could have to pay on your federal income tax returns if, within nine years of purchasing a home financed with one of VHDA's First-time Homebuyer (tax-exempt bond) Programs, you sell the property. The majority of VHDA's borrowers are not subject to this tax

expand What is an assumption? 
expand What is an escrow analysis and how does it work? 

An escrow account is used when VHDA disburses your tax and insurance payments on your behalf. The escrow analysis helps determine how much money should be deposited into an escrow account to cover future tax and insurance obligations.

We perform an annual escrow analysis on each account to determine whether the monthly payment amount needs to be adjusted. Adjustments would be based on payments VHDA has already made on your behalf, what we have to pay in the coming year and the amount in your escrow account at the time of analysis.

expand What is mortgage insurance or private mortgage insurance? 
expand What is the mortgagee clause for VHDA? 
VHDA, ISAOA, P.O. Box 4628, Richmond, Virginia 23220.  Please fax a copy of the policy to the Insurance Department at (804) 343-8735.

Contact Us

Loan Servicing Department

Toll free: 800-235-6938
Local: 804-783-6729
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.


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