First-time and repeat homebuyers may benefit from VHFA’s competitive interest rates, down payment assistance, savings on closing costs, and more. Begin your homeownership journey today...
Contact a VHFA Participating Lender
The first step in the homebuying process is to contact a participating lender to ask about eligibility and the programs that could help you.
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VHFA Programs & Benefits
VHFA benefits are available exclusively through participating banks, credit unions, and mortgage companies. Read more about VHFA programs and benefits below, and ask your lender if you qualify for VHFA.
VHFA Benefits
- Competitive interest rates
- Down payment as low as 0% - 5%
- Savings up to $1,735 at closing
- Down payment and closing cost assistance
- And more!
VHFA Programs
MOVE
- Often VHFA's lowest interest rate
- Income limits, purchase price limits, and first-time homebuyer requirements apply
MOVE MCC
- Mortgage Credit Certificate (MCC) issued at closing
- Annual federal income tax credit up to $2,000
- Income limits, purchase price limits, and first-time homebuyer requirements apply
ADVANTAGE
- VHFA's highest Income and Purchase Price Limits
- No first-time homebuyer requirement unless using a VHFA down payment assistance program
VHFA programs add benefits to eligible mortgages that our participating lenders offer. 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 for all borrowers is 640-680 depending on the program. Other credit and property eligibility requirements apply. At least one borrower must complete homebuyer education from an approved provider. To pre-qualify and apply contact a VHFA Participating Lender.
Down Payment Assistance (ASSIST)
- Up to $10,000 loan for down payment and closing assistance
- 0% deferred loan with no monthly payments
- Repaid at sale, refinance, or mortgage payoff
- Borrowers and non-borrowing spouses must have NEVER owned a home and have less than $20,000 combined liquid assets
- May be combined with VHFA First Generation Homebuyer grant and other down payment assistance
Available exclusively with VHFA MOVE. Other credit and property eligibility requirements apply. ASSIST is not eligible with a VA Loan. To pre-qualify and apply contact a VHFA Participating Lender!
First Generation Homebuyer Grant
- $15,000 grant for down payment and closing costs
- May be combined with VHFA ASSIST and down payment assistance from other sources
- Borrowers and non-borrowing spouses must have NEVER owned a home before and have less than $20,000 combined liquid assets
- At least one person taking title must EITHER: have been placed in foster care at some point in their life, OR have parents or legal guardians who never owned or lost their home to foreclosure and have not owned again
Available exclusively with VHFA MOVE, MOVE MCC, or ADVANTAGE. Borrowers and non-borrowing spouses must meet eligibility requirements for selected VHFA Program. Other credit and property eligibility requirements apply. To pre-qualify and apply contact a VHFA Participating Lender!
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 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 to learn if you qualify and how to apply!