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Valued Member
missfontella
Posts: 33
Registered: ‎12-15-2011
0

VHDA

I've been doing a little research on the VHDA loans in Virginia. Has anyone here used them? I wonder about their underwriting, bk rules, and timelines. They have conventional, FHA, and FHA Plus loans. I'm really confused about their role. Are they the lender? Their website directs you to "find a lender". If they are not the lender, that are they? If you get an FHA loan, do you get double insured? Go through 3 underwrites? Any insight is appreciated.

Starting Scores: TU - 577, EQ - 636, pulled on 01/10/12
Current Scores: TU - 679 (02/21/13) EQ - 663 (02/23/13)
Goal Score: Mid-score of 680 by June 2013
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: VHDA

You usually go through the lender's underwriter and then the underwriter representing who will service your loan. We have 2 underwriters in our loan process. If you get approved through the lender's underwriter, it is likely you will get approved through the servicing underwriter. I am not familiar with VHDA.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
missfontella
Posts: 33
Registered: ‎12-15-2011
0

Re: VHDA


MovingForward_2012 wrote:
You usually go through the lender's underwriter and then the underwriter representing who will service your loan. We have 2 underwriters in our loan process. If you get approved through the lender's underwriter, it is likely you will get approved through the servicing underwriter. I am not familiar with VHDA.

It's a state non-profit. VHDA stands for Virginia Housing Delvopment Authority. I assume its similar to CHFA that you are using. Are they your lender? Or do you have a lender, the CHFA, and FHA?

Starting Scores: TU - 577, EQ - 636, pulled on 01/10/12
Current Scores: TU - 679 (02/21/13) EQ - 663 (02/23/13)
Goal Score: Mid-score of 680 by June 2013
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: VHDA

Oh yes! CHFA is the lender that will buy my loan from UAMC and service it. So I believe you will have two underwriters if you don't go directly through CHFA for your loan. My loan is first going through UAMC written with the terms CHFA requires. So once my loan is approved through UAMC, it goes to the CHFA underwriter for approval but my loan officer said the second loan approval through CHFA will be an easy approval.

In your case, you need to find a broker that does VHFA loans. On the CHFA website, they have a list of brokers so I would see if the VHFA website has a list of brokers. I started that way and found a home but then had to switch lenders to take advantage of the incentives they had. BEFORE switching, I asked if they did CHFA loans and they said yes and so I proceeded with the loan through them versus through the broker I found on the CHFA website.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: VHDA

Oops not VHFA, I meant VHDA so just do a replace all when reading. Sorry.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: VHDA

On my UAMC loan paperwork it says it is an FHA loan but CHFA is going to buy it from UAMC and service it for the life of the loan. On the CHFA website, there is a link that you click on to pay your mortgage online so I bet that is how I will be paying my mortgage.

So I think it is a FHA loan serviced by CHFA for the first mortgage and then for the second mortgage, that is just a 30 year fixed loan from CHFA for my down payment. The first is also 30 year fixed, but written under FHA terms.

I keep trying clarify...hopefully this makes sense and I think it will be identical for you, just through a different housing authority.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
missfontella
Posts: 33
Registered: ‎12-15-2011
0

Re: VHDA

It makes a lot of sense. Lol. Thank you. You just cleared it up for me. I appreciate it.

 

Do you have a thread detailing your process?

Starting Scores: TU - 577, EQ - 636, pulled on 01/10/12
Current Scores: TU - 679 (02/21/13) EQ - 663 (02/23/13)
Goal Score: Mid-score of 680 by June 2013
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: VHDA

You're welcome! The thread that I posted a link to below has a lot of good information on my journey to homeownership through CHFA. Let me know if you have further questions. :-)

http://ficoforums.myfico.com/t5/Mortgage-Loans/Just-Received-Conditional-Approval/m-p/1818485
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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