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Homeownership activity
Fiscal year 2009
- VHFA's single-family mortgage activity contracted in FY09 in response to reduced home buying statewide and the recession's effects on the funds available to Housing Finance Agencies.
- In FY09, VHFA purchased approximately $37.5 million in home mortgage loans. This activity supported the purchase of 287 homes in Vermont.
- VHFA budgeted $354,000 this fiscal year to fund operations of the five NeighborWorks® HomeOwnership Centers of Vermont and provided mortgage support to the Opportunities Credit Union.
- In May 2009, the Agency significantly changed some of its processes to allow for the purchase of loans through the Federal government-sponsored enterprises (GSEs).
- VHFA added U.S. Bank's Housing Finance Agency Division as master servicer for the Agency.
VHFA borrower incomes as a percentage of the area median income (AMI)
| Household income |
Percentage of borrowers |
| More than 100% |
10% |
| 81% to 100% |
27% |
| 51% to 80% |
52% |
| At or below 50% |
11% |
VHFA's average borrower profile
| Income |
$48,021 |
| Mortgage amount |
$130,931 |
| Home price |
$152,891 |
VHFA FY2009 homeownership program activity
| Program |
Purchases |
Loan volume |
| MOVE (Mortgages for Vermonters) |
251 |
$33,596,524 |
| HOUSE (Homeownership Opportunities Using Shared Equity) |
36 |
$3,917,595 |
VHFA also provided $135,000 in state tax credits, that generated an estimated $594,000 in equity for homeownership units in four projects:
Homeownership state tax credit activity
| Project name |
Town |
Units |
State tax credits |
| Butterfield Commons |
West Dover |
3 |
$35,000 |
| Orwell Bank Houses at Green Woods Village |
Shoreham |
2 |
$10,000 |
| Proctorsville Green |
Proctorsville |
4 |
$50,000 |
| River Station |
Montpelier |
2 |
$40,000 |
