June is National Homeownership Month, but for Vermont Housing Finance Agency (VHFA) every day, week and month is about homeownership. For over fifty years, VHFA has made homeownership possible for Vermonters, always with sustainable affordability at the center of its initiatives and programs.
For potential first-time homebuyers though, a market with low inventory and high prices can be daunting, often stopping people from entering the buying market. “It’s a competitive market right now to say the least,” said Eric Hoffman, Homeownership Business Development Manager at VHFA. As experts like Hoffman see it, the competitive market is “good news for homeowners but challenging for homebuyers looking to get their foot in the door.” VHFA works with local participating lenders to help lower the costs of purchasing a home for qualified homebuyers.
The first step in that buying process is finding a local lender who offers VHFA benefits. “The lenders are the ones who determine if a buyer qualifies for VHFA’s competitive interest rates, down payment assistance, or help with closing costs,” said Hoffman. VHFA participating lenders are well-versed in what financing best fits individual homebuyer’s needs. A list of Vermont lenders can be found on VHFA’s homebuyer website.
Last year, 347 homes were purchased in Vermont using VHFA programs that benefit first-time, first-generation, and qualified repeat homebuyers. In fact, thousands of want-to-be homebuyers have moved into homeownership using VHFA programs without even realizing it. “VHFA works behind the scenes, with lenders, which ultimately benefits customers,” said Managing Director of Homeownership Jacklyn Santerre. “Our job is to make sure the funding is there for these affordable loans and grants so that people can get into a home.”
In addition to home financing options and homebuyer education, VHFA also helps homeowners with home energy and weatherization upgrades through the Weatherization Repayment Assistance Program (WRAP). WRAP helps homeowners afford upgrades to help make properties more energy-efficient, lower energy costs, and improve the comfort and value of homes for sustainable affordability.
VHFA has been a resource for Vermont homebuyers and homeowners for over fifty years and National Homeownership Month is a great time to reflect on its successes. Despite working behind the scenes to make homeownership a reality for Vermonters, VHFA's work is clearly visible throughout the state.
For more information about VHFA’s homebuyer and homeowner resources, and for help finding a local lender that offers VHFA benefits and programs, visit www.vhfa.org.