Virginia Law

This chapter applies to mortgage loans that are made or financed or are proposed to be made or financed by the authority to persons and families of low and moderate income for the acquisition (and, where applicable, rehabilitation), construction, refinancing, ownership, and occupancy of single family housing units.

In order to be considered eligible for a mortgage loan under the provisions of this chapter, the applicant must have a "gross income" (as determined in accordance with this chapter and the authority's origination guide) that does not exceed the applicable income limitation set forth in Part II (13VAC10-40-30 et seq.) of this chapter. Furthermore, the sales price of any single family unit to be financed hereunder must not exceed the applicable sales price limit set forth in Part II. The term "sales price," with respect to a mortgage loan for the combined acquisition and rehabilitation of a single family dwelling unit, shall include the cost of acquisition, plus the cost of rehabilitation and debt service for such period of rehabilitation, not to exceed three months, as the executive director shall determine that such dwelling unit will not be available for occupancy. In addition, each mortgage loan issued a mortgage credit certificate must satisfy all requirements of federal law applicable to mortgage credit certificates as set forth in 13VAC10-190.

Mortgage loans may be made or financed pursuant to this chapter only if and to the extent that the authority has made or expects to make funds available for such loans. The executive director is authorized with respect to any mortgage loan made or financed under the provisions of this chapter to waive or modify any provisions of this chapter where deemed appropriate by him for good cause, to the extent not inconsistent with the Virginia Housing Development Authority Act (§ 36-55.24 et seq. of the Code of Virginia).

All reviews, analyses, evaluations, inspections, determinations, and other actions by the authority pursuant to the provisions of this chapter shall be made for the sole and exclusive benefit and protection of the authority and shall not be construed to waive or modify any of the rights, benefits, privileges, duties, liabilities, or responsibilities of the authority or the mortgagor under the agreements and documents executed in connection with the mortgage loan.

The rules and regulations set forth in this chapter are intended to provide a general description of the authority's processing requirements and are not intended to include all actions involved or required in the originating and administration of mortgage loans under the authority's single family housing program. These rules and regulations may be supplemented by the authority's origination guide and other policies and rules adopted by the authority from time to time, to the extent such are not inconsistent with the provisions of this chapter.