The period immediately after a recession is typically a time of renewed interest among would-be home buyers since home prices are likely at a low point. A recent Champlain Business Journal article (subscription required) interviewed experts from VHFA and the Vermont lending and realtor communities to learn more about current conditions facing the state’s home buyers.
On one hand, buying before home prices in tight markets increase further makes 2014 an ideal time. However, down payment requirements among many conventional mortgage programs make the current market more challenging than it was before the recession for many home buyers.
The article describes how newly released Mortgage Credit Certificates and down payment assistance programs through VHFA give home buyers additional tools for improving the affordability of their home purchase . Mortgage Credit Certificates reduce the amount of federal taxes owed by homeowners while the ASSIST and Advantage programs offers down payment grants of up to 2.5 percent of the loan or purchase amount.
Read the complete Champlain Business Journal article or find out more about VHFA’s tools for home buyers.
