Section 110. Calculation of maximum loan amount

Single family detached residence, townhouse (fee simple ownership) and approved condominium--Maximum of 100% (or, in the case of an FHA, VA, Rural Development loan or a loan with private mortgage insurance, such other percentage as may be permitted by FHA, VA, Rural Development or the private mortgage insurance provider) of the lesser of the sales price or appraised value, except as may otherwise be approved by the executive director; provided, however, the executive director may establish lower percentages if the executive director determines that lower percentages are necessary to protect the authority's financial interests or to enable the authority to effectively and efficiently allocate its current and anticipated financial resources so as to best meet the current and future housing needs of the citizens throughout the Commonwealth.

In the case of an FHA, VA or Rural Development loan, the FHA, VA or Rural Development insurance fees or guarantee fees charged in connection with such loan (and, if an FHA loan, the FHA permitted closing costs as well) may be included in the calculation of the maximum loan amount in accordance with applicable FHA, VA or Rural Development requirements; provided, however, that in no event shall this revised maximum loan amount which includes such fees and closing costs be permitted to exceed the authority's maximum allowable sales price limits set forth herein.

Historical Notes

Derived from VR400-02-0003 § 2.6, eff. July 16, 1985; amended, Volume 02, Issue 03, eff. October 15, 1985; Volume 02, Issue 10, eff. January 21, 1986; Volume 02, Issue 18, eff. May 20, 1986; Volume 03, Issue 03, eff. December 10, 1986; Volume 03, Issue 23, eff. August 10, 1987; Volume 04, Issue 14, eff. March 16, 1988; Volume 05, Issue 03, eff. October 19, 1988; Volume 05, Issue 12, eff. March 1, 1989; Volume 05, Issue 21, eff. July 1, 1989; Volume 06, Issue 10, eff. January 16, 1990; Volume 07, Issue 10, eff. January 16, 1991; Volume 07, Issue 23, eff. July 18, 1991; Volume 08, Issue 06, eff. December 1, 1991; Volume 08, Issue 17, eff. April 23, 1992; Volume 09, Issue 20, eff. July 1, 1993; Volume 10, Issue 15, eff. March 16, 1994; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 19, eff. June 1, 1995; Volume 14, Issue 11, eff. January 28, 1998; Volume 17, Issue 22, eff. June 20, 2001; Volume 19, Issue 12, eff. January 24, 2003; Volume 24, Issue 07, eff. November 13, 2007.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.