Yes - the buyer must present a Certificate of Completion of the VHDA Homebuyer education class prior to settlement. Recipients must also attend the county’s HomeCents post-settlement seminar within 6 months of closing. There is also a required $200 servicing fee which borrowers will be required to pay at settlement. The fee may not be financed.
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Applicants will typically hear from the county within 3 to 5 business days after submission of the full application. The entire application process from start to finish will typically take at least 30 to 45 days. Processing could take longer if documentation is missing from the application packet. Applicants will be notified about any outstanding items. Encouraging the buyer to provide all required documentation with their application submission could help minimize delays.
The first items we will need your assistance with include providing a copy of the 1003 and Loan Estimate or Initial Fee sheet. After pre-approval, we will request a “Request for Reservation of Funds” form which must be completed by the lender. You can also assist clients by sending documentation on their behalf should they request your help.
There is no appeal process for the program and loan decisions are final. However, buyers may apply again after one year to be reconsidered for approval.