Learn About DPA Programs Available To You
First time home buyers in Vermont have many options available to them for help in purchasing their first residence. If you think that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The Vermont Housing Finance Agency (VHFA), offers down payment assistance for first home buyers in VT.
Vermont DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the VHFA website:
Down payment assistance
Are down payment or closing costs standing between you and buying a home?
Using an ASSIST loan with a VHFA loan can help Vermonters buying their first home clear this hurdle by providing up to $5,000 to help with down payment and closing costs. An ASSIST loan is a 0%, no-monthly-payment second mortgage that you must pay back only if you refinance or sell your home!
How it works
Your VHFA Participating Lender will work with you to determine if the ASSIST loan is best for your situation. The ASSIST loan amount cannot exceed your actual closing costs and required down payment. The uses are very flexible, and can even reimburse you for some of the upfront expenses related to your mortgage that typically have to be paid out of pocket. The ASSIST loan will not cause your principal balance to increase or require you to make a monthly payment.
To get complete program details, including income limits as well as how to get the application process started, please visit the VHFA DPA page.
More Down Payment Assistance In VT
In addition to the above DPA program offered by VHFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about more down payment assistance available in your area, please visit Vermont local 1st time homebuyer programs.