This morning Union Bank funded nearly $600,000 of Vermont Housing Finance Agency’s (VHFA) highly successful “ASSIST” down payment assistance program. By purchasing Vermont Affordable Housing Credits for the past three years, Union Bank has helped nearly 500 Vermont households buy their first homes.
Interested buyers who qualify for a VHFA mortgage can receive up to $5,000 in the form of a no-interest second mortgage to help with down payment and closing costs. The down payment assistance requires no monthly payments, with repayment to VHFA due only when the home is sold or refinanced. VHFA uses repayments to continue funding the program for future homebuyers.