MOVE Program This Vermont down payment program offers Vermont’s lowest rate to home buyers, and most counties in the state do not require you to be a first time home buyer. Vermont borrowers are able to save up to $625 on the Vermont Property Transfer Tax, and they will have lower monthly mortgage insurance payments. However, participants in this program may not use ASSIST Vermont down payment grants or the MCC.
The Vermont Housing Authority offers down payment assistance programs to local residents. To see what kind of Vermont down payment programs are offered by Vermont Housing Authority, visit their website: www.vsha.org.
ASSIT Down Payment Grant This Vermont down payment program provides 2.5 percent of the loan or purchase price amount to assist with the costs associated with the Vermont down payment and/or closing costs. However, this assistance comes with a price: a higher interest rate. This is a grant, and thus does not need to be rapid.
Vermont Housing Finance Agency
P.O. Box 408
Burlington, VT 05402-0408
PHONE: (802) 864-5743
The Barre Housing Authority offers down payment assistance programs to local residents. To see what kind of Vermont down payment programs are offered by Barre Housing Authority, visit their website: www.barrehousingauthority.com.
Home buyers in Vermont get $30,000 down payment assistance through the Burlington Community Land Trust Program.
PHONE: (802) 862-6244
The Burlington Housing Authority offers down payment assistance programs to local residents. To see what kind of Vermont down payment programs are offered by Burlington Housing Authority, visit their website: www.burlingtonhousing.org.
Vermont residents enjoy different levels of Vermont down payment assistance programs, especially first time home buyers. You will not only get additional funding but also advice and guidance on home financing. Vermont down payment assistance programs are given to first time home buyers. You qualify as a first time buyer if you have not owned property in the last three years.
According to state programs, Vermont residents get a 5.35% interest rate without any assistance on down payment. If you get financial assistance from either your employer or housing nonprofit agencies to cater for down payment, a 5.99% interest rate is applied. The city program guidelines provide for a half of the down payment being taken care of by an assistance program. If you are a first time home buyer, you get an attractive package consisting of a principal reduction, closing cost assistance and help with the down payment. In cases where there is a charity program, 3% of the purchase price is paid by the home seller.
Vermont down payment assistance programs can come from either regional and state programs or programs run by the city or town. City programs include Montpelier, Burlington and Windsor. The regional programs are:
- The Agriculture and Rural Housing Department for home buyers in rural settings that wish to get assistance.
- Vermont Housing Finance Agency which offers both closing cost and down payment assistance.
- Vermont Affiliates of Habitat for Humanity. This has voluntary labor that renovates and rehabilitates and or build houses for families that are in need.
Vermont down payment assistance can also be gotten from federal and bank loans and grants. Tax credit is another common source of funding. Home funding is available for every resident of Vermont including non profit and private developers. To be clear on qualification criteria, visit any down payment assistance program office in Vermont.
Below is a list of Vermont Down Payment Assistance Programs: