VHFA ANNOUNCES NEW HOMEOWNERSHIP INCOME AND PURCHASE PRICE LIMITS

BURLINGTON—More Vermonters will be able to purchase homes using Vermont Housing Finance Agency’s low-interest mortgages thanks to new income and purchase price limits approved by VHFA’s Board of Commissioners. “VHFA is always working hard to respond to Vermont’s housing market and its constantly-growing prices,” explained Executive Director Sarah Carpenter. “The new limits mean more Vermonters and Vermont properties have become eligible for VHFA financing, but homeownership in our state will continue to be a challenge as wages don’t keep up with the rising price of homes.” 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 April 10. While each county’s limits are unique, the maximum eligible purchase price for existing homes rose by $30,000 or more throughout the state. The maximum eligible purchase price for newly constructed homes rose by at least $25,000 in most counties. 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 for qualified borrowers. The Agency’s 30-year 0- point interest rate is 5.75%. 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.