Virginia Housing updated its Mixed-Income, Mixed-Use/Mixed-Income (MI/MUMI) program underwriting policies with new minimum loan sizing metrics to be applied based on total loan size.
- Loan Amount: < $25M;
- DSCR: 1.15; and
- LTC: 90 percent.
- Loan Amount: $25M < $50M;
- DSCR: 1.15; and
- LTC: 87 percent.
- Loan Amount: > $50M;
- DSCR: 1.20; and
- LTC: 85 percent
For the purposes of determining cost, the current Cost Certification Guidelines provides an overview of certifiable costs. All mortgagors and general contractors must cost–certify at conversion of the construction loan to permanent financing (final closing) using these guidelines. An updated version of the MI/MUMI Loan Application is also available. If you have any questions, please contact Dale Wittie, director of rental housing programs at (804) 343-5876 or Dale.Wittie@VirginiaHousing.com.
