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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.
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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.
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.
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.
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.
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/Jus
http://ficoforums.myfico.com/t5/Mortgage-Loans/Jus
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