Popular Mortgage Program Spurs More VHDA Bonding

Vadum, Matthew
February 2005
Bond Buyer;2/10/2005, Vol. 351 Issue 32068, p26
Trade Publication
The article reports that the Virginia Housing Development Authority (VHDA) expects to sell a great deal more debt this year than it did in 2004, in part because of the growing popularity of an unconventional new mortgage product that allows a homebuyer to pay interest only for the first seven years. The Richmond, Virginia-based VHDA expects to increase its borrowing to $1.07 billion from the $613.6 million of debt it sold last year. VHDA finance director Patrick J. Carey said the expected increase in borrowing is partly due to the rising popularity of the Authority's new "1st Choice" mortgage product, which was started last year.


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