October 1st, 2013
Note the following VHDA Rate Lock Policy Change. For more information, visit
To: VHDA Originating Lenders
Date: October 1, 2013
RE: VHDA Rate Lock Policy Change
Effective November 1, 2013, VHDA will implement a 60 day Rate Lock period for all loan programs to be more in line with industry standards. The key elements of the new policy are listed below:
Loans may continue to be locked through the VHDA online lock-in system. VHDA will continue to offer overnight price protection Monday night through Friday morning. The lock-in system will be unavailable from Friday night at 9:00pm until Monday morning at 10:00am. The lock-in system will be unavailable all federal holidays with the exception of Columbus Day.
VHDA is in the process of updating all documents to reflect this change. These documents will be available on vhda.com beginning November 1, 2013 and will be sent with a follow up announcement the last week of October.
We appreciate your support during the implementation of the new Rate Lock Policy. This will better align VHDA with industry standards and enable us to more effectively adhere to secondary market demands. We plan to offer other lock-in options when we transition to our new loan origination system in early 2014.