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: