Homeownership

The Vermont program that helps homeowners who have fallen behind on their mortgage or property taxes during the COVID-19 pandemic will re-open on Monday, May 3, 2021.  The Mortgage Assistance Program will provide grants covering up to 12 months of past due mortgage payments and property taxes for eligible homeowners.  

The Biden administration’s American Jobs Plan includes a program that would bring $8 million in housing tax credits each year for affordable homeownership in Vermont.

Home sale prices in Vermont continued to rise in 2020 amidst the impact of the coronavirus pandemic. The median primary (non-vacation) home sold for $246,000, according to Vermont Property Transfer Tax records.

As the COVID-19 pandemic unfolded worldwide, VHFA focused on the shifting needs of Vermonters and stayed the course with long-standing tools and programs. In March, the agency swiftly found ways to support non-profit partners as well as to pivot to fully remote work.

Vermont Finance Agency (VHFA) has worked with local financial institutions to fund affordable homes that will be sold to low- and moderate-income Vermonters. Passumpsic Bank, Union Mutual Insurance, Community National Bank, National Life, Northfield Savings Bank, and Union Bank invested in Vermont Affordable Housing Tax Credits available through VHFA.

The median price of a non-vacation home in Vermont rose to $244,000, according to Vermont property transfer tax records for homes sold through September 30, 2020. While the 7% increase from 2019 may reflect increased demand from the pandemic’s “race for space,” Vermont is no stranger to rising home prices which have increased steadily since 2014.

November 6, 2020 will be the last day for Vermont homeowners behind on their mortgage payments due to COVID to submit applications for mortgage assistance grants.  Funded by the federal CARES Act, Vermont Mortgage Assistance grants for up to 6 months of missed payments are available to any homeowner who meets eligibility criteria, even if they have already arranged a forbearance agreement. 

Vermont sealed the approval of legislation this week to ease the challenges faced by residents seeking to add an accessory dwelling unit (ADU) to existing resident

Homebuyers need every advantage they can get in today’s COVID-impacted housing market. To help homebuyers in Vermont, VHFA is temporarily lowering rates for homebuyers who use VHFA MOVE, and VHFA will not charge a premium for buyers using VHFA MOVE with ASSIST down payment and closing cost assistance. These lower rates will be for a limited time only while funds last.

When Kimberly Edgar was unable to work due to COVID-19, the new Mortgage Assistance Program offered her a path for keeping her home in Brattleboro. Funded by the federal CARES Act, the program provides qualified Vermont homeowners with grants for up to six months of overdue mortgage and property tax payments.