Buying a Home in Vermont?

VHFA can help lower the cost of purchasing a home.

How We Can Help

 

"Without a VHFA program, I would not be able to purchase this house.”

-Zeynab K.

 

Kouyate_Milton

 

"My favorite part about owning a home is the independence it gives me.”

-Nathan L.

VHFA home buyers
  • Competitive interest rates
  • 30-year fixed rate mortgage loans 
  • Down payment as low as 0% - 5%
  • Savings up to $825 on Vermont Transfer Tax at closing
  • Down payment and closing cost assistance up to $10,000 - $30,000
  • Annual federal tax credit up to $2,000 with a Mortgage Credit Certificate

Eligibility requirements apply.

VHFA Loan Programs

MOVE

MOVE MCC

  • Mortgage Credit Certificate (MCC) issued at closing
  • Annual federal income tax credit up to $2,000
  • Income limits and first-time homebuyer requirements apply 

ADVANTAGE

  • VHFA's highest Income and Purchase Price Limits
  • Useful for households who do not qualify for MOVE or MOVE MCC  
  • No first-time homebuyer requirement unless using a VHFA down payment assistance program

Income limits and first-time homebuyer status applies to borrowers and non-borrowing spouses. For MOVE and MOVE MCC, borrowers and non-borrowing spouses must have not owned a home within last 3 years if purchasing in Addison, Bennington, Chittenden, Grand Isle, or Windsor county. Minimum credit score of 640-680 is required. Other credit and property eligibility requirements apply. At least one borrower must complete homebuyer education from an approved provider. Contact a VHFA Participating Lender for more information and to learn if you qualify.

Down Payment Assistance (ASSIST)

  • $10,000 - $15,000 assistance depending on income
  • May be used for down payment and closing costs   
  • 0% deferred loan with no monthly payments
  • Repaid at sale, refinance or mortgage payoff
  • Borrowers and non-borrowing spouses must be true first-time homebuyers
  • Borrowers and non-borrowing spouses combined liquid assets must be less than $30,000
  • May be combined with First Generation Homebuyer Program for additional down payment and closing cost assistance

Available only when using a VHFA Loan Program. Borrowers and non-borrowing spouses must meet eligibility requirements for selected VHFA program (MOVE, MOVE MCC, ADVANTAGE). Other credit and property eligibility requirements apply. Contact a VHFA Participating Lender for more information and to learn if you qualify.

First Generation Homebuyer Program

  • $15,000 grant for down payment and closing costs
  • May be combined with VHFA ASSIST for additional down payment and closing cost assistance

Available only when using a VHFA Loan Program. Borrowers and non-borrowing spouses must meet eligibility requirements for selected VHFA program (MOVE, MOVE MCC, ADVANTAGE) and VHFA ASSIST. In addition at least one person taking title must be a true first-time homebuyer, and: (1) have been placed in foster care at some time in their life, or (2) have parents or legal guardians who never owned a home, or (3) have parents or legal guardians who lost their home due to foreclosure. Other credit and property eligibility requirements apply. Contact a VHFA Participating Lender for more information and to learn if you qualify. Grants available on a first-come, first-served basis while funding lasts.

Mortgage Credit Certificate (MCC)

  • Federal tax credit up to 50% of mortgage interest paid annually, capped at $2,000 per year
  • Borrowers receive certificate after closing and provide to tax preparer each year
  • Available for as long as the borrower lives in the home and holds the original first mortgage

Eligible borrowers automatically receive an MCC when using VHFA MOVE MCC, or can attach an MCC to any non-VHFA loan that a participating lender offers. Other credit and property eligibility requirements apply. Contact a VHFA Participating Lender for more information and to learn if you qualify.

VHFA benefits are offered through local participating banks, credit unions and mortgage companies.

 

Contact a Participating Lender Today!

Upcoming Events

March

6

Homebuying 101
Online
6:00pm - 7:00pm
RSVP