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If you already have a VHFA mortgage:
- Who
do I contact if I have questions about my VHFA mortgage?
Contact the organization that you make your payments to. If you make your
payments to VHFA c/o Graystone Solutions Inc., you can go
to myvhfa.com for information about your loan or call 1.877.454.7375.
Visit myvhfa.com.
- I'm
paying off my mortgage with VHFA, through sale or refinance. Am
I subject to recapture tax?
As explained to you when you obtained your financing with VHFA, some borrowers
may be subject to the Federal Recapture Tax.
However, VHFA may reimburse you for
any validated Recapture Tax liability actually paid if you closed your mortgage
loan with VHFA on or after Feb. 1, 2006.
Borrowers with mortgage loans closed prior to this date are not eligible
for reimbursement. To request reimbursement, complete the Recapture
Tax Reimbursement Form (61 KB; PDF) and submit to VHFA within the
time requirement. To determine if you are liable for Recapture Tax, please
read the information
below:
Please review the documents you received at the
closing of your VHFA mortgage to locate the Notice of Mortgagor of Maximum
Recapture Tax on Sale of Home. This form explains the conditions you must
meet to be subject to the Federal Recapture Tax. If you're unable to locate
the notice, contact your lender or contact VHFA's Homeownership Department.
If you sell or otherwise dispose of your property within the first nine years,
it's your responsibility to complete and file IRS
Form #8828 with your tax return even if you determine no tax is owed.
If you refinanced within the first nine years that has no effect on whether
or not you owe recapture. You are still subject to recapture if you dispose
of the property within the first nine years.
VHFA does not determine if a recapture tax is owed, calculate amounts or
provide tax advice or information. For additional information, contact the
IRS or your tax preparer.
What else can VHFA do for me?
- Can
I refinance with VHFA?
VHFA only offers one program for mortgage loan refinancing. The Limited
Refinance Program requires applicants to meet specific criteria,
including income limits, and is limited to mobile homes and properties
currently financed
with assistance from a nonprofit organization.
Read more about VHFA's Limited
Refinance Program.
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Does
VHFA offer "reverse equity mortgages?"
A "reverse equity mortgage" is a loan against your
home that you don't have to pay back for as long as you live
in your home.
VHFA does not offer this product.
VHFA participating lenders that do offer
this product are Mortgage
Financial Inc. and Universal
Mortgage.
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