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.
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?
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?