Vermont Programs For 1st Time Buyers
First time home buyers in Vermont have many options available to them for help in purchasing their first residence. In addition to their down payment assistance program, the Vermont Housing Finance Agency (VHFA) provides some very weighty programs for Vermont residents seeking to purchase their first home.
Here are some highlights:
VHFA offers multiple mortgage programs with different compliance requirements. For example, some options are limited to first-time homebuyers, while others are not. To find out which VHFA programs and products best suit your situation, talk with a Participating Lender.
VHFA offers multiple mortgage loan options for Vermonters purchasing a home. Choosing which program is the best fit for you depends on what loan features are important to you, and whether or not you meet the eligibility requirements for a program. VHFA does not offer refinance transactions.
- Low interest rates
- 30-year, fixed-rate mortgage
- Down payment and closing cost assistance of up to $5,000
- Mortgage Credit Certificates that give you an annual tax benefit not available anywhere else in Vermont
- Save up to $825 on the Property Transfer Tax that is due to the State of Vermont for every home purchase
- The rate you see is the rate you get! You will never pay a higher interest rate or closing costs due to credit history, the amount of money you are putting down or the type of property you are buying
- Products that finance up to 100% of the purchase of your home (most of Chittenden County not eligible for 100% financing)
- Lower monthly mortgage insurance payments
For complete details on these programs, including contact information and instructions on how to apply, please visit this VHFA programs page.
More Vermont First Time Buyer Programs
In addition to the above homebuyer programs offered by VHFA, there are local housing organizations in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Vermont.