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 › Part I - General › Section 13VAC10-40-10 - General

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority: §
												36-55.30:3
						of the Code of Virginia.