Yesterday, the Richmond Mortgage Bankers Association (RMBA) hosted four real estate experts from the area including Janice Burgess (VHDA), Sandra Cole (HOME), Dianna Herndon (Southside Community Development Housing Corporation), and Mary White (Benchmark Mortgage). The creative and positive methods used in the Richmond area to help consumers are summarized below.

• Janice Burgess, Loan Program Manager, shared the improved business model of VHDA which helps lenders fund loans to consumers.  “Our new business model will be implemented by April 1st,“ stated Burgess, “which will give more control to the lender.”
• Sandra Cole, a Certified Housing Counselor and Appraiser, “counsels potential home owners regarding the loan process and available funds from Federal and local government sources.” For instance, depending on the locality, potential home owners are giving between $7,500 - $10,000 to assist with the down payment, home inspections, and other fees. Ms. Cole and the staff at HOME assist over 30 homeowners annually.
• Dianna Herndon, Executive Director, shared information regarding two programs available in the Richmond area for potential home owners, including new and renovated housing. The counseling given by the Southside Community Development and Housing Corporation has been impressive as evidenced by a “less than 1% foreclosure rate among their applicants.”
• Mary White, is an “expert loan originator for First Time Homebuyer and Refinance programs for VHDA, FHA, VA, RD & Conventional loans” according to the Benchmark Mortgage website and several RMBA colleagues.  It was evident by Ms. Whites speech that she knows the ins and outs of grant underwriting. For instance, she stressed the importance of “understanding how credit fits in with grant programs, credit scores, pay off amounts and household income.”  Further, Ms. White stated that, “VHDA offers 100% financing along with the FHA plus program.”  Ms. White also said, “Grants are filed as silent seconds (loans) and 100% is typically due if the home owners don’t stay at least five years”. This important piece of information offers lenders the chance to save their customers thousands of dollars and make wise financing decisions.

The wealth of knowledge given by the panel of real estate mortgage experts today was more than worth the price of admission, which included the cost of a gourmet (buffet) lunch with friendly business colleagues.