GroundRules
13VAC10-40-170: Loan decision
Where this section sits in the 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 II. Program Requirements
A. Nondelegated lenders or delegated lenders submitting loans for programs that are not eligible for the delegated process will submit loans to the authority for approval. Upon approval of an applicant, the authority will send a loan approval to the originating lender. If a loan is denied, the authority will send a notification to the originating lender.
B. Delegated lenders will approve the loan without prior review by the authority.
C. For mortgage loans to be made by the authority directly to borrowers in underserved markets, the authority will issue the loan approval or loan denial directly to the loan applicant.
Collected 2026-09-14T04:51:45Z. Source file · JSON