Current homeowners
Some answers for people who already have a VHFA mortgage loan
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.
I'm paying off my mortgage with VHFA, through sale or refinance. Am I subject to recapture tax?
As explained 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 our 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.
Can I refinance with VHFA?
No, VHFA only offers mortgages for home purchases. To refinance your current mortgage, contact your lender.
Does VHFA offer "reverse equity mortgages?"
No, VHFA does not offer this product.
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.
The U.S. Department of Housing and Urban Development (HUD) maintains a database of certified counselors who can assist with your reverse equity mortgage questions. The American Association of Retired Persons (AARP) offers reverse equity mortgage information on its Web site.
Learn more with "Reverse Mortgages: Are They for You?" (PDF) by the Office of the Comptroller of the Currency, at HUD's reverse equity mortgage resource or AARP's reverse equity mortgage resource.
Leslie, Cole & Dylan Whitaker, Stowe
