Homeownership loan programs

Different restrictions and eligibility criteria apply to each Program and Interest Rate. Contact a participating lender for more details and to determine your eligibility and the loan amount you may qualify for.

• MOVE— MOrtgages for VErmonters
  MOVE offers borrowers flexible down payment requirements and qualifying guidelines and a number of interest rate and point options. MOVE loans are for home purchase only. For information on MOVE interest rate options, see below:
  • MOVE— Fixed rate: Rates with 2, 1 or 0 points are available for a 30- year term. Scheduled Principal and Interest payments (plus applicable escrow) required monthly.
  • MOVE— Cash assistance rate: One rate option with 0 points available for a 30-year term. Scheduled Principal and Interest payments (plus applicable escrow) required monthly on the first Mortgage Loan. VHFA's Cash Assistance Rate provides borrowers with funds to be applied towards downpayment and/or eligible closing costs as a Second Mortgage at a 0% interest rate. The rate displayed is the rate of the VHFA first mortgage. Manufactured Housing is not eligible for this rate option.
    • Cash Assistance is provided in conjunction with a VHFA first Mortgage Loan.
    • The amount of Cash Assistance a borrower may be eligible for is 3% of the loan amount or the actual amount of the down payment and/or eligible closing costs, whichever is lower. (Some other restrictions may apply.)
    • Cash Assistance funds are provided as a mortgage loan secured as a second mortgage at a 0% interest rate with no monthly payments. Scheduled Principal and Interest payments are required monthly on the VHFA first mortgage.
    • The Cash Assistance second mortgage loan must be repaid if the VHFA first mortgage loan is paid in full within 60 months from the note date. After 60 months, the Cash Assistance mortgage loan is not required to be repaid.
    • Additional eligibility restrictions apply. Contact a participating lender for details.

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• Manufactured Housing
  VHFA offers financing for new and existing, single and double wide mobile homes. Program and rate options are for home purchase only. Homes must be either on land owned by the borrower or located in a VHFA Eligible mobile home park. All units must be permanently affixed to a foundation that meets VHFA's requirements and is one of the following:
  • Poured concrete slab
  • Poured concrete columns that extend beyond the frost line
  • Concrete blocks that are set on poured concrete columns that extend beyond the frost line

  Also, the wheel axels and hitch mount must be removed.

  For information on Manufactured Housing rates options, see below:

  • Manufactured Housing ­ Fixed Rate: Rates with 2,1, or 0 points are available for a 30 year term; except for units that are pre-1976 or in an VHFA eligible mobile home park which have a maximum 20 year term. Scheduled Principal and Interest Payments (plus applicable escrow) required monthly.

• HOUSE— Homeownership Opportunities Using Shared Equity
  The HOUSE program is available for homebuyers who work with a nonprofit housing organization and agree to share their home's appreciation with future buyers in exchange for purchase assistance. The nonprofit organization and homebuyer agree to keep the property affordable for future homebuyers by sharing any profit when the home is sold. For information on HOUSE interest rate options, see below:
  • HOUSE— Stepped Rate: Rates offered with 1 and 0 points available for a 30-year term. For the first three years the rate increases by .50% each year until the fourth year. The rate then remains the same for the remainder of the term. Scheduled Principal and Interest payments (with applicable escrow) required monthly.
    

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• Limited Refinance
  VHFA's Limited Refinance Program allows current homeowners to replace a high interest rate mobile home loan, or replace shared appreciation financing for all property types. In addition, borrowers can finance the cost of property improvements and all closing costs associated with the loan. Some of the eligibility requirements are:
  • Limited Refinance Program eligibility requirements:
    • VHFA income limits apply
    • Property must be the borrower's principal residence
    • Debt to be replaced must have a 24 month acceptable payment history
    • Borrowers with a valid FICO credit score of 660 or above are eligible for the lesser of: a maximum loan amount equal to 95% of the appraised value, or 100% of the pay-off of the current housing debt plus closing costs and property improvement costs
    • Borrowers with a valid FICO credit score of 659 or below are eligible for the lesser of: a maximum loan amount equal to 90% of the appraised value, or 100% of the pay-off of the current housing debt plus closing costs and property improvement costs
  • Limited Refinance property eligibility requirements:
    • Mobile homes on land the homeowner owns
    • Mobile homes located in VHFA eligible mobile home parks
    • Relocation of mobile homes to a VHFA eligible park or owned land
    • All mobile homes must be permanently affixed to land
    • Property currently financed with shared appreciation financing from a nonprofit organization (all property types)
      * Additional program and property requirements apply
  • Limited Refinance mobile home foundation requirements
    VHFA will only finance mobile homes that are permanently affixed to land. To meet this requirement, the mobile home must meet the following:
    
    The wheels, hitch and axles must be removed. The foundation must consist of:
    • Poured concrete slab, or;
    • Poured concrete support columns that extend below the frost line, or;
    • Concrete block piers that are set on poured concrete support columns that extend below the frost line.

    
    All foundations must be placed on an adequately prepared site. If the home is on column or piers, they must be of sufficient size and adequate bearing to support the unit. Insulated skirting must be installed around the perimeter to protect the undercarriage from air infiltration.
    
    Pre-1976 units must be currently financed with VHFA, are restricted to a maximum 20-year loan term, and require full property inspections. For all other units, VHFA reserves the right to request a full property inspection based on the age and condition of the unit.

    For information on Limited Refinance interest rate options, see below:
    • Limited Refinance— Fixed Rate: VHFA offers terms of 10, 15, 20, 25 and 30 years (pre-1976 mobile homes maximum 20 year term). Scheduled Principal and Interest payment (with applicable escrow) required monthly.

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