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Virginia Housing Mortgage Customer FAQ

Accessing Your Information Online

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

Yes. To protect confidential information, first-time users must register a user ID and password:

  • Select "Access My Loan Information".
  • Click "Register User ID/Password" to go to the Registration page.
  • Enter the requested information.
  • Click "Save".

Registration is complete when you receive 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: You may have 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 "Access My Loan Information".
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 and then click "Continue".
6. Your response will be validated. Click "Continue".
7. Your User ID will appear and you’ll be asked to create a new password. You must enter a new password and then retype it to verify it.
8. Click "Save".
9. If you enter all information correctly, the message, "Your Password has been successfully changed. You are now ready to logon" will appear.
expand What do I need to do to register? 

General Loan Questions

Answer
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. Sign up for Automatic Payment.
expand Can I make my mortgage payment online? 
expand Can I refinance my Virginia Housing loan? 
Many factors go into play when deciding whether to refinance a mortgage loan or not. Contacting a Virginia Housing approved lender is a good place to get answers to your questions.
expand Does Virginia Housing have any properties for sale? 
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 payoff figures are not given over the phone.

For Lenders

Virginia Housing’s AutoFax Payoff is a simpler way to request payoff statements for your clients. Here’s what you need to know.

Why use AutoFax Payoff?

  • It’s faster and more efficient.
  • No prior authorization is needed.
  • Payoff statements are generated within two hours.
  • Up to 10 requests can be processed per call.
  • No written request is needed.

How Does it Work?

  • Lenders can request a payoff statement from Virginia Housing by calling 800-235-6938.
  • Press 1 for loan information.
  • Press 2 for other information.
  • Press 4 for a faxed payoff statement.

Be Prepared to Provide:

  • Your client’s loan number.
  • Client’s SSN.
  • Client’s full property address (including ZIP code).
  • Your 10-digit fax number.
  • Your 10-digit phone number.
  • Good-through date.

Questions? Contact Virginia Housing Customer Service at 800-235-6938.

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? 

You can take steps 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 www.virginiaforeclosureprevention.com* 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 VirginiaHousing.com 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 homeowners insurance, mortgage insurance, flood insurance and property taxes). This is commonly referred to as PITI (Principal, Interest, Taxes and Insurance).
expand What does prepayment mean? 
expand What is a recapture tax? 
Please reference the Federal Recapture Tax section of our website for detailed explanations of this topic.
expand What is an assumption? 
expand What is the mortgagee clause for Virginia Housing? 
Virginia Housing
ISAOA/ATIMA
P.O. Box 4628
Richmond, VA 23220
Loan #
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 Virginia Housing's responsibility to report the total amount of interest paid during the calendar year. Since Virginia Housing does not take a position with respect to the financial interest of each party on a loan, Virginia Housing only reports under the primary Social Security number. The IRS does not require reporting for additional Social Security numbers.

Questions about Escrow Accounts

Answer
expand What are escrow adjustments (overages, shortages and reserves)? 

When performing an escrow analysis, the most recent disbursement amount is used to calculate the amount required on an analysis. Some estimates of expenses are made because up-to-date tax and insurance bills may not be available at the time of analysis. In estimating an escrow account, over-collection and under-collection may sometimes occur. If there is a surplus of funds in your account after the annual analysis, this is called an overage. If the overage is more than $50.00, it will be refunded to you, provided your loan is current.

When funds have been under-collected, a shortage occurs. The amount of the shortage would be the maximum negative amount that your account would reach if an adjustment to your monthly payment were not made. If a shortage does occur, your monthly loan payment will be adjusted to include the escrow payment amount plus 1/12 of your escrow shortage. You also have the option of paying off the whole shortage amount in one lump sum to limit the increase in your monthly loan payment.

expand What is an escrow account? 
expand What is an escrow analysis and how does it work? 
Each year, Virginia Housing projects the balance of your escrow account over the coming year, based on the actual taxes and insurance premiums paid over the previous 12 months. We provide you with a written copy of the escrow analysis, including a projection of your monthly escrow deposits, the bills we expect to pay on your behalf from your escrow account, and an estimated monthly balance. In some cases, we may project either a shortage or a surplus in your escrow account.

Questions about Insurance

Answer
expand Am I required to keep homeowners insurance on my property? 

Homeowners insurance is required for everyone who has a mortgage loan. It covers losses and damages to your home and assets in the event of a fire, theft, vandalism and many unforeseen weather-related disasters. Homeowners insurance may also provide liability coverage. It also protects Virginia Housing’s financial interest in the property.

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

expand How can I cancel the mortgage insurance on my loan? 
expand How do I change insurance companies or carriers? 

Make sure your new policy meets the insurance requirements for your loan by comparing it to the coverage listed on the declarations page of your current insurance policy. This is usually the first page of the policy.

Once you have your new policy in place, contact your current insurance carrier to cancel coverage. (You may not receive a refund if a new policy is currently due).

Notify Virginia Housing as soon as possible by fax at 804-343-8735 that you’ve changed insurance companies. Please include your name, address and loan number, along with the new policy’s declarations page information.

expand How do I renew my homeowners insurance policy?  
expand What is force-placed insurance? 
Force-placed insurance is obtained on your property if you do not provide us with a policy from a carrier you choose. This insurance only covers the structure; it has no liability or contents coverage. We encourage you to purchase your own policy to give you the most coverage.
expand What is mortgage insurance or private mortgage insurance? 
expand What type of insurance coverage is required? 
You are required to have homeowner’s coverage or condo unit owner coverage if the HOA covers the structure in the event of a fire. Flood insurance is required for properties in a flood zone.

Questions about Real Estate Taxes

Answer
expand How does Virginia Housing obtain tax bills? 
Virginia Housing has a tax service that obtains real estate amounts, eliminating the need of regular annual paper bills.
expand What are supplemental tax bills? 

Contact Us

Loan Servicing Department

Toll free: 800-235-6938
Local: 804-783-6729
loanservicing@virginiahousing.com
Note: In order to protect your privacy, please do not send confidential personal information or sensitive materials through this form. Virginia Housing 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

 

Virginia Housing Fraud, Waste or Abuse Hotline

Phone: 804-915-3146
Email: InternalAudit@vhda.com
Website: Reporting Fraud, Waste or Abuse