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 Can I have my payments automatically drafted from my checking or savings account?
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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. |
| Can I make my mortgage payment online?
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Yes. You can make check payments online. Have your checkbook ready and click the link. You will be taken through the process of making your payment. A $10.00 fee will be charged for each payment made after the 10th of each month. If you choose to make payments through a Customer Service Representative, the charge will be $15.00. |
| Can I refinance my VHDA loan?
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Many factors go into play when deciding whether to refinance a mortgage loan or not. Contacting a VHDA approved lender is a good place to get answers to your questions. |
| Does VHDA have any properties for sale?
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| How can I get payoff information?
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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
VHDA’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 VHDA 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 VHDA Customer Service at 800-235-6938. |
| I am a co-mortgagor. Will I receive an annual loan statement?
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No. Statements are mailed only to the primary borrower at the current mailing address. A copy of the statement will be provided upon request for a fee. VHDA mails annual loan statements no later than January 31. |
| If I’m experiencing a hardship beyond my control, how can I save my home from foreclosure?
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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 VHDA.com when you visit this website. |
| What are the hours for accessing my loan information and making payments online?
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Online loan information is available 24 hours a day, 7 days a week. Sign on anytime – from home, work or while traveling.
Hours of availability for online payments are:
- Weekdays 7 a.m. to 11 p.m.
- Saturdays 7 a.m. to 6 p.m.
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| What does my monthly mortgage payment include?
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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). |
| What does prepayment mean?
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Prepayment is the payment of all or part of your principal balance before it's due. Some loan agreements may require you to pay special fees or penalties if you pay off your loan early. Your note that was included with your closing documents has detailed information regarding prepayment of your loan. |
| What is a recapture tax?
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Please reference the Federal Recapture Tax section of our website for detailed explanations of this topic. |
| What is an assumption?
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An assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party qualifies under lender and investor guidelines. This process may or may not be available depending on the type of loan you have. You will need to contact our Customer Service Department to discuss this type of transaction at 1-800-235-6938 |
| What is the mortgagee clause for VHDA?
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VHDA
ISAOA/ATIMA
P.O. Box 4628
Richmond, VA 23220
Loan # |
| Why is a principal balance not my payoff amount?
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This is because the interest on your loan is calculated in arrears. For example, when you paid your July payment, you actually paid interest for June and principal for July. The payoff amount also includes any escrow advances, release fees and other charges and credits due on the loan. |
| Why is there only one social security number on my annual loan statement?
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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. |
