Single-family and homeownership mortgage financing programs
Participating lenders
VHFA provides homeownership financing by purchasing loans from participating lenders around the state. Participating lenders include banks, credit unions and mortgage companies.
NeighborWorks® HomeOwnership Centers
Homeownership opportunities and education are enhanced through VHFA's financial support of and involvement with five NeighborWorks® HomeOwnership Centers located around the state.
VHFA was instrumental in the start-up and provides ongoing funding of the Centers. VHFA budgeted $354,000 in FY2009 to fund their operation.
Members of the Kresky family plant at their Hardwick home
Loan volume
Since 1974, VHFA has made approximately 27,000 loans to Vermonters purchasing primary residences.
In fiscal year 2009, 90% of loans made by VHFA were made to households at or below 100% of median income, and 63% of its borrowers were at or below 80% of median income.
| Loan dollar volume | # of loans | |
|---|---|---|
| FY 2004 | $68.4 million | 733 |
| FY 2005 | $79 million | 714 |
| FY 2006 | $99.9 million | 780 |
| FY 2007 | $134 million | 937 |
| FY 2008 | $124 million | 865 |
| FY 2009 | $37.5 million | 287 |
VHFA home loan activity
Through December 2009
VHFA's typical borrower
- Has an average household income of $48,021
- Borrowed an average loan amount of $130,931
- Purchased homes with an average purchase price of $152,891
Comparatively, the average purchase price of primary residences in Vermont, based on transfer tax returns for 2009, was $218,840.
