# 13 Va. Admin. Code § 10-30-60: 13VAC10-30-60. Initial closing

> Virginia · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_60

## Section

- **Citation:** 13 Va. Admin. Code § 10-30-60
- **Heading:** 13VAC10-30-60. Initial closing
- **Jurisdiction:** Virginia
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Virginia Administrative Code / Title 13 Housing / Agency 10 Virginia Housing Development Authority / Chapter 30 / 13VAC10-30-60

## Text

Upon issuance of the commitment, the applicant shall direct its attorney to prepare and submit the legal documentation (the "initial closing documents") required by the commitment within the time period specified. When the initial closing documents have been submitted and approved by the authority staff and all other requirements in the commitment have been satisfied, the initial closing of the mortgage loan shall be held. At this closing, the initial closing documents shall be, where required, executed and recorded, and the mortgagor will pay to the authority the balance owed on the financing fee, will make any initial equity investment required by the initial closing documents and will fund such other deposits, escrows and reserves as required by the commitment. The initial disbursement of mortgage loan proceeds will be made by the authority, if appropriate under the commitment and the initial closing documents.
The actual interest rate on the mortgage loan shall be established by the executive director at the time of the execution of the deed of trust note at initial closing and may thereafter be altered by the executive director in accordance with the authority's rules and regulations and the terms of such note.
The executive director may require such accounts, reserves, deposits, escrows, bonds, letters of credit and other assurances as he shall deem appropriate for the satisfactory construction, completion and sale of the development. The foregoing shall be in such amounts and subject to such terms and conditions as the executive director shall require and as shall be set forth in the initial closing documents.

## Nearby sections

- [13 Va. Admin. Code § 10-30-10 13VAC10-30-10. Purpose and applicability](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_10.md)
- [13 Va. Admin. Code § 10-30-20 13VAC10-30-20. General description](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_20.md)
- [13 Va. Admin. Code § 10-30-30 13VAC10-30-30. Terms of mortgage loans](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_30.md)
- [13 Va. Admin. Code § 10-30-40 13VAC10-30-40. Solicitation of proposals](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_40.md)
- [13 Va. Admin. Code § 10-30-50 13VAC10-30-50. Application and processing](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_50.md)
- [13 Va. Admin. Code § 10-30-60 13VAC10-30-60. Initial closing](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_60.md)
- [13 Va. Admin. Code § 10-30-70 13VAC10-30-70. Construction](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_70.md)
- [13 Va. Admin. Code § 10-30-80 13VAC10-30-80. Mortgage loan increases](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_80.md)
- [13 Va. Admin. Code § 10-30-90 13VAC10-30-90. Sale of housing units; supervision by the authority](https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_90.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VA_ADC_13_10_30_60. Check the current official text before relying on it. Not legal advice.