Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 10. Virginia Housing Development Authority
Chapter 40. Rules and Regulations for Single Family Mortgage Loans to Persons and Families of Low and Moderate Income

13VAC10-40-110. Calculation of maximum loan amount.

A maximum of 100% or in the case of an FHA, VA, Rural Development, Fannie Mae, or Freddie Mac loan or a loan with private mortgage insurance, such other percentage as may be permitted by FHA, VA, Rural Development, Fannie Mae, Freddie Mac, or the private mortgage insurance provider of the lesser of the sales price or appraised value. However, the executive director may establish other percentages if the executive director determines that other percentages are necessary to protect the authority's financial interests or to enable the authority to effectively and efficiently allocate its current and anticipated financial resources so as to best meet the current and future housing needs of the citizens throughout the Commonwealth.

In the case of an FHA, VA, or Rural Development loan, the FHA, VA, or Rural Development insurance fees or guarantee fees charged in connection with such loan, and other costs as allowed by the applicable insurer or guarantor, may be included in the calculation of the maximum loan amount in accordance with applicable FHA, VA or Rural Development requirements. However, in no event shall this revised maximum loan amount, which includes such fees and closing costs, be permitted to exceed the authority's maximum allowable sales price limits set forth in this chapter.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0003 § 2.6, eff. July 16, 1985; amended, Virginia Register Volume 2, Issue 3, eff. October 15, 1985; Volume 2, Issue 10, eff. January 21, 1986; Volume 2, Issue 18, eff. May 20, 1986; Volume 3, Issue 3, eff. December 10, 1986; Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 5, Issue 3, eff. October 19, 1988; Volume 5, Issue 12, eff. March 1, 1989; Volume 5, Issue 21, eff. July 1, 1989; Volume 6, Issue 10, eff. January 16, 1990; Volume 7, Issue 10, eff. January 16, 1991; Volume 7, Issue 23, eff. July 18, 1991; Volume 8, Issue 6, eff. December 1, 1991; Volume 8, Issue 17, eff. April 23, 1992; Volume 9, Issue 20, eff. July 1, 1993; Volume 10, Issue 15, eff. March 16, 1994; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 19, eff. June 1, 1995; Volume 14, Issue 11, eff. January 28, 1998; Volume 17, Issue 22, eff. June 20, 2001; Volume 19, Issue 12, eff. January 24, 2003; Volume 24, Issue 7, eff. November 13, 2007; Volume 35, Issue 14, eff. March 4, 2019.

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