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VHFA ANNOUNCES NEW HOMEOWNERSHIP INCOME AND PURCHASE PRICE LIMITS

BURLINGTON—More Vermonters are able to take part in Vermont Housing Finance Agency's low-interest mortgage programs now that VHFA’s Board of Commissioners has approved new income and purchase price limits. “VHFA is constantly working to give Vermonters more options when it comes to purchasing homes,” according to Executive Director Sarah Carpenter. “These changes reflect those efforts, as well as the perpetually rising housing costs in Vermont. “With the new limits, many more Vermonters and Vermont properties have become eligible for VHFA financing. These changes will help more Vermonters realize the dream of homeownership,” she added, “but, for many, homeownership will remain a challenge, because the state’s housing stock hasn’t kept up with demand.” Income and purchase price limits vary by county and help determine which homebuyers and properties are eligible for VHFA financing. Income limits are ceilings on what households can earn and still qualify for VHFA mortgages; purchase price limits are the maximum price a home can sell for and still be eligible for VHFA financing. VHFA raised the limits on March 22. While each county’s limits are unique, the maximum eligible purchase price for existing homes rose by $10,000 or more in 10 counties, with similar effects for newly constructed homes. Current limits are available at www.vhfa.org, or by contacting a participating VHFA lender. A complete list of lenders is available at the Web site. VHFA offers a variety of mortgage loan programs. The Agency’s 30-year 0-point interest rate is currently 5.30%. For buyers who need cash for downpayment and/or closing costs, VHFA offers a cash assistance rate option at a slightly higher rate. All rates are subject to change. VHFA was created by the Vermont Legislature in 1974 to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped more than 25,000 Vermont households with affordable mortgages and financed the development of almost 7,000 affordable rental units.

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