Frequently Asked Questions for Existing Mortgage Customers

Correspondence:
Virginia Housing Development Authority P O Box 4549 Richmond, VA 23220-8549
Payments:
Virginia Housing Development Authority P O Box 79748 Baltimore, MD. 21279-0748
Overnight:
Virginia Housing Development Authority Central Servicing 601 South Belvidere Street Richmond, VA 23220-6500
Insurance Renewal/Bills:
Virginia Housing Development Authority P O Box 4628 Richmond, VA 23220-8628
Real Estate Tax Bills:
Virginia Housing Development Authority P O Box 4629 Richmond, VA 23220-8629

PLEASE BE SURE TO INCLUDE YOUR LOAN NUMBER ON ALL CORRESPONDENCE OR PAYMENTS

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What phone number do I call?

Telephone Contacts:
Toll Free Number for Existing Customers	(800) 235-6938
Richmond Area for Existing Customers	(804) 783-6729
Payoff Request Fax Number	(804) 343-8720
TDD Hearing Impaired	(804) 783-6705
Automated Information is available EST: Monday to Friday 7:00 a.m. to 11:00 p.m. Saturday 8:00 a.m. to 6:00 p.m. Customer Service Representatives available: Monday to Friday 9:00 a.m. to 4:30 p.m.

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How do I register to access my loan information?

First time users must complete a user ID and password registration. There can be a total of two user IDs per loan.

Select the ''Access My Loan Information'' link
Click ''Register User ID/Password''
You will be taken to the Registration page
Enter the requested information, then click the ''Save'' button. Registration is complete when you have received the response "Your User ID and password have been established. You are now ready to log on." You will be taken to the login page and may now log-in using your new user ID and password.

Note that you must complete the following fields in order to register:

User ID
The unique user ID of your choice that will be used for logging in in the future.
Entry: Type a minimum of one (1) character.

Password
It contains the password you create to be used for logging in in the future.
Entry: Type a minimum of six (6) characters including at least one alpha character and one numeric character.

Re-Enter Password
Verification of password previously entered.
Entry: Re-type the information entered in the Password field.

Loan Number
The VHDA loan number for which you would like to receive information.
Entry: Type the seven to thirteen digit loan number.

SSN
It contains your social security or tax identification number.
Entry: Type the nine digit social security or tax identification number.

Email Address
Used to identify the email address you would like to use for electronic receipt of loan information.
Entry: Type the email address. This address must contain the addressee name and the domain name.
Example: joe.smith@abcmortgage.com

Verification Question
A question you create for logon protection. The question will be used in the event you have misplaced your logon information and will be presented on the "Forgot Your User ID or Password?" page.
Entry: Type a question not to exceed eighty (80) characters.
Example: What is your mother''s maiden name?

Response
Contains the response to the question that will validate you in the event that you misplace your logon information.
Entry: Type the response to the Verification Question not to exceed fifty (50) characters.

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I have forgotten my User ID and/or Password. What do I do?

If you forget your user ID and/or password, follow these steps:

Select the ''Access My Loan Information'' link
Click ''Forgot User ID/Password''
Enter your Loan number and Social Security number then click ''Continue''
The Verification Question page appears displaying the question you entered at registration. You must enter your response answer and then click ''Continue''
Your response will be validated. Then click ''Continue''
The User ID will appear and you will be asked to create a new password. You must enter a new password then verify the new password. Click ''Save''
If you enter all information correctly the message box "Your Password has been successfully changed. You are now ready to logon" will appear.

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I am locked out. What do I do?

If you have unsuccessfully attempted to log on three times, the system will lock the loan. Contact Customer Service at (800) 235-6938 or email us to have your password reset. If emailing, for faster service please provide your loan number for easy identification. You will be contacted when the reset is complete and will then be required to re-register.

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Why is a principal balance not my payoff amount?

Your principal balance is not the payoff amount because the interest on your loan is calculated in arrears. For example, when you paid your July payment you actually paid interest for June and principal for July. The payoff amount also includes any escrow advances, release fees, and other charges and credits due on the loan.

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Can I have my payments automatically drafted from my checking or savings account?

Yes. You can take advantage of our Automatic Mortgage Payment Plan (Electronic Payment Service). The amount of your payment, plus any additional amounts you want to add toward principal reduction on a continual basis, can be automatically deducted each month from the checking or savings account you designate. It’s fast, and best of all it’s free.

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Can I make my mortgage payment online?

Yes, you can make an electronic payment on-line. Have your check book ready and click - Online payment. You will be stepped through the simple process of making your payment (A $10.00 fee will be charged for each payment made online if paid after the 10th of the month).

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If a am experiencing a hardship beyond my control, how can I save my home from foreclosure?

There are steps you can take to avoid foreclosure on your home. If you experience a hardship and are worried about making your house payments, understand your options. Don''t ignore the situation or avoid your lender. The website Realtor.org* offers tips and advice on saving your home from foreclosure. The site also includes links to brochures which deal specifically with this issue.

*You will leave VHDA.com when you visit this website.

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What does "prepayment" mean?

Prepayment is the payment of all or part of your principal balance before it is due. Some loan agreements may require you to pay special fees or penalties if you pay off your loan early. Your note that was enclosed with your closing documents has detailed information regarding prepayment of your loan.

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What is an assumption?

An assumption is the process of a borrower transferring their property ownership to someone else. This process may or may not be available depending on the type of loan that you have. You will need to contact our Customer Service Department to discuss this type of transaction.

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What items does my monthly mortgage payment include?

Your monthly mortgage payment includes a payment to the principal balance of your loan, the interest payment and your escrow payment (monthly payments collected to pay your hazard insurance, mortgage insurance, flood insurance and property taxes.) This is commonly referred to as P.I.T.I. (Principal, Interest, Taxes and Insurance.)

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What is an escrow analysis and how does it work?

An escrow account is used when Virginia Housing Development Authority (VHDA) disburses your tax and insurance payments on your behalf.

The escrow analysis helps determine how much money should be deposited into an escrow account to cover future tax and insurance obligations. We perform an annual escrow analysis to determine whether the monthly payment amount needs to be adjusted. Adjustments would be based on payments VHDA has already made on your behalf, what we have to pay in the coming year and the amount in your escrow account at the time of analysis.

VHDA will perform an escrow analysis on each account annually.

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What are escrow adjustments; overages, shortages and reserves?

When performing an escrow analysis some estimates of expenses are made. Up-to-date tax and insurance bills may not be available. In estimating an escrow account, over-collection and under-collection may sometimes occur. If there is a surplus of funds in your account after the annual analysis, this is called an overage. If the overage is more than $50.00, it will be refunded, provided your loan is current.

When funds have been under-collected, a shortage occurs. The amount of the shortage would be the maximum negative amount that your account would reach if an adjustment to your payment were not made. If a shortage does occur, your monthly loan payment will be adjusted to include the escrow payment amount plus 1/12 of your escrow shortage. You also have the option of paying off the shortage in one lump sum.

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What type of insurance coverage is required?

Property, fire, or homeowners’ insurance is required by all mortgage lenders to protect their investment against loss or damage to the property. As a homeowner and in accordance with your Deed of Trust, you need to maintain adequate coverage at all times.

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How do I renew my policy?

If your loan is escrowed, we pay and renew your insurance. Your insurance company or agent is directed to send us the bill for your renewal. This item is usually paid thirty days in advance of the due date to guard against any lapse in coverage.

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How do I change insurance companies or carriers?

If you decide to change your insurance carrier, please do the following:

Make sure your policy meets the insurance requirements for your loan.
Contact your current insurance carrier to cancel coverage. You may not receive a refund if one is due.
Forward a copy of your new policy to VHDA Insurance Department as soon as possible so we have the most recent information on record.

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How can I cancel my insurance?

As long as you have a mortgage, you must always carry adequate insurance coverage on your property, as required by your Deed of Trust. If you receive a cancellation notice for any other reason, please contact us immediately so we may assist you. Failure to replace a canceled policy will result in the placement of force-placed insurance, which is more expensive than standard coverage and may not provide the same type(s) of coverage.

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What is force-placed insurance?

Force-placed insurance is insurance coverage that will be obtained by VHDA when proof of insurance coverage has lapsed, been canceled or has not been received.

Force-placed insurance is a safeguard to protect our interest in the property if damage were to occur and you had not maintained adequate coverage. It is almost always more expensive than insurance coverage you can purchase yourself. Also, if anything should happen to your property, you may not submit any personal claims under a force-placed insurance policy.

This is one reason it is critical that you maintain your own homeowner’s insurance.

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What is the mortgagee clause for VHDA?

The mortgagee clause is VHDA, ISAOA, P.O. Box 4628, Richmond, Virginia 23220.

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What is mortgage insurance or private mortgage insurance?

Mortgage Insurance protects a lender if a borrower defaults on a loan. Mortgage insurance is placed on the loan when the borrower does not have a sufficient amount of equity or down payment. For a conventional loan, private mortgage insurance is required on all loans if you are borrowing more than 80% of the purchase price. For FHA loans, mortgage insurance is required on all loans, regardless of the amount of the down payment.

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How do you obtain tax bills?

VHDA utilizes the services of LandAmerica Tax Service to obtain all tax bills. Although LandAmerica is responsible to VHDA for obtaining this information, you should forward any tax bill you receive to VHDA at the address below:

Virginia Housing Development Authority
Attn: Central Servicing - Tax Department
P O Box 4629
Richmond, VA 23220-8629

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What are supplemental tax bills?

Your local taxing authority will issue a supplemental bill for an additional tax due when the current value of your home is more than the previous assessed value on which the original tax was based. This bill is sometimes issued after the property has been purchased or refinanced and is generally paid directly by you as the homeowner. However, if there is a sufficient excess in your escrow account with VHDA to cover the total payment of your tax bills at the time due, then VHDA will pay the supplemental tax bill for you out of your escrow account.

You should call our Customer Service Department and talk to a representative whenever you receive any supplemental tax bills pertaining to your property.

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Why is there only one social security number on my annual loan statement?

It is VHDA’s responsibility to report the total amount of interest paid during the calendar year. Since VHDA does not take a position with respect to the financial interest of each party on a loan, VHDA only reports under the primary social security number. The IRS does not require reporting for additional social security numbers.

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I am a co-mortgagor. Will I receive my annual loan statement?

VHDA mails annual loan statements no later than January 31. Statements are mailed to the primary borrower at the current mailing address. A copy of the statement will be provided upon request for a fee.

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Does VHDA have any properties for sale?

Yes. VHDA frequently acquires single family homes, condominiums and townhouses via foreclosure sales. These properties are then offered for sale to the general public. A complete listing is available by clicking here. See also: Frequently Asked Questions about VHDA Properties

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What are the hours of availability for accessing my loan information and making payments online?

Online loan information is now available 24 hours a day, 7 days a week. Sign-on anytime – from home, work, or while traveling. Hours of availability for online payments are:

Weekdays 7 a.m. to 11 p.m.
Saturday 7 a.m. to 6 p.m.

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