VHFA has listed for sale a home at 548 Pinehurst St., Lyndonville. The price for the three-bedroom, one-bath house is $99,000, after a $11,000 grant.
This house is the latest to come through the Housing Acquisition & Rehabilitation Program (HARP), where VHFA acquires foreclosed properties from banks, renovates them, and resells them to income-eligible Vermonters.
The U.S. Department of Housing & Urban Development (HUD) reported to Congress yesterday "worst case housing needs" grew by more than 20% from 2007 to '09. That figure represents a growth of 1.2 million households.
“Worst case housing needs” are defined as low-income households that paid more than half their monthly income for rent, lived in severely substandard housing, or both.
On average, closing costs rose 37% in 2010, according to Bankrate.com's annual survey of the closing costs for a $200,000 home purchase mortgage.
Home buyers faced increased origination fees from lenders and increased fees from third parties for items such as appraisals and title insurance.
We've updated our list of homes for sale to include three newly-added properties.
VHFA now has nine homes for sale, with another two to be listed soon.
VHFA purchased these foreclosed homes from other lending institutions. We've made extensive improvements to them before offering them at greatly reduced prices thanks to Vermont Neighborhood Stabilization Program (NSP) funds.
HARP's an economic stimulus success story — creating jobs for Vermont builders; more affordable homes for Vermont buyers.