March 14, 2018

Board of Commissioners Update

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VHDA’s Board of Commissioners has undergone some recent changes. We’d like to thank Sarah Stedfast and Lemella Y. Carrington for their dedicated service and wish them well. Kit Hale is our new Chairman and Clarissa McAdoo Cannion is our Vice Chairman.

Governor Ralph Northam appointed Erik Johnston as the Director of the Department of Housing and Community Development (DHCD) and he will serve on VHDA’s Board as an ex-officio member. In addition, William (Bill) Shelton, DHCD’s former Director, will remain on VHDA’s Board serving as a citizen member also appointed by the Governor. 

March 7, 2018

Creating Opportunities for Homeownership

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Preventing Foreclosure


VHDA’s Servicing Department held four Borrower Outreach Events to prevent foreclosure. These events provided customers an opportunity to meet with our staff in person, receive education on how to prevent foreclosure and apply for loan modifications. We have modified 121 loans through this program, and about 69% have remained current.



 Reaching Underserved Areas


We’ve recently increased our ability to serve communities in Southwest Virginia by hiring Frank Webster, an experienced Business Development Officer, who is dedicated to the region. This will strengthen our stakeholder relationships in the area and enable us to provide more educational opportunities for consumers in this part of the state.




Helping First-time Homebuyers

VHDA is preparing a springtime campaign to increase awareness about our Loan Combo, which offers a home loan plus a package of benefits including a down payment grant, an MCC and our free homebuyer class.

In Case You Missed It: A Look at Recent National Housing Policy News

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Rental Housing

Commercial and Multifamily Construction Starts Down in 2017

Many metro areas reported reduced commercial and multifamily construction starts in 2017 compared to 2016, said Dodge Data & Analytics, New York. "Of the commercial and multifamily project types, multifamily housing is the one that appears to have already reached its peak and is now heading downward," said Dodge Data & Analytics Chief Economist Robert Murray, noting a 12 percent decline in dollar terms during 2017.


The Number of High-Income Renters Surged, Especially in the Nation’s Highest-Cost Markets

High-income renters are a growing share of all rental households, particularly in the nation's most expensive metropolitan areas, including Washington. The shift comes amid tremendous growth in the national rental housing market, which added nearly 10 million new rental households between 2006 and 2016. These include 2.9 million "high-income" renters (those with real annual incomes exceeding $100,000). This is a 29 percent increase in a group that represented 9 percent of all renters in 2006 but accounted for 13 percent of renters in 2016.


Homeownership 

Updated Credit Scoring and the Mortgage Market

The Federal Housing Finance Agency (FHFA) is considering a potential change in the credit scoring models approved for use by Fannie Mae and Freddie Mac, and is currently receiving public comment on this important policy issue. This report provides an overview of the issues involved.

Mortgage Insurance Companies Push Back Against 50% DTI

Last year, Fannie Mae and Freddie Mac announced they were increasing their debt-to-income ratio to 50%. But now, private mortgage insurance companies are pushing back, announcing new underwriting requirements, including higher credit scores, for loans with DTIs exceeding 45%.


Reforming the FHA’s Foreclosure and Conveyance Processes

This report addresses how the Federal Housing Administration (FHA) foreclosure and conveyance processes can be changed to bring down costs and create efficiencies.


Your Mortgage Application May Trigger Competitors to Tempt You with Other Offers

Credit bureaus routinely convert information they receive regarding mortgage application filings within 24 hours into “trigger leads” which they sell to competing mortgage lenders. This practice has become controversial and is being blamed for predatory practices on consumers, especially unsophisticated ones. Last week, the National Association of Mortgage Brokers began pushing a campaign on Capitol Hill for an outright ban.


Manufactured Housing

Can Manufactured Housing Ease America’s Affordable Housing Crisis?

The affordable home purchase market continues to suffer an acute inventory shortage. High construction costs and labor shortages mean builders can’t keep up with household formation, and Americans who already own homes are reluctant to sell an asset that is appreciating rapidly. While there’s no easy fix, signals within the federal government suggest one solution is getting increased attention—manufactured housing.  Now, Federal agencies are reviewing financing and regulations in hopes of giving manufactured homes a boost. This article summarizes these issues and their impact on the industry.


MBA Urges HUD to Take Opportunities on Manufactured Housing

HUD is preparing to review its current regulation of manufactured housing and has requested public input. The Mortgage Bankers Association, in a February 26 letter to HUD, said manufactured housing offers the agency with opportunities to help meet the nation's affordable housing needs and urged it to take a more flexible regulatory approach.