Answers to 10 of the most common questions about financing a home with a VHFA mortgage loan.
Vermont Housing Finance Agency (VHFA) is a not-for-profit organization that has been assisting Vermonters since 1974. VHFA mortgage programs are available through VHFA Participating Lenders throughout the state to meet the needs of low-to-moderate-income Vermonters.
To apply, you must contact a VHFA Participating Lender. Only a VHFA Participating Lender can pre-qualify you and accept your loan application. VHFA does not accept applications directly from potential borrowers. Learn more at How Do I Start?
Not all Participating Lenders offer all VHFA programs. However, the VHFA programs offered by each Participating Lender have the same terms and requirements.
VHFA loans are only available from Participating Lenders. Find a Participating Lender near you to get the benefits of a VHFA loan.
No, but you must buy a home that is in Vermont and occupy it as your primary residence.
Not necessarily. VHFA has loan programs available for first-time homebuyers and previous homeowners. If you are a current homeowner, you will be required to sell your current residence prior to receiving VHFA financing to purchase a new home.
Not always. VHFA offers mortgage programs that may allow up to 100% financing.
Yes. For eligible borrowers, VHFA offers the ASSIST Program. The ASSIST Program is a 0% mortgage loan that provides up to $5,000 for closing costs and down payment. An ASSIST loan must be combined with any VHFA first mortgage program.
All programs have income and purchase price limits. Refer to Mortgage Loan Programs or Income and Purchase Price Limits for more information.
VHFA programs are limited to the purchase of a primary residence. Eligible Property types include new or existing single-family homes, certain approved condominiums, existing two-unit duplexes and some manufactured homes. Some restrictions apply based on the loan program. Your Participating Lender will determine the eligibility of the property. Co-ops and properties on more than 15 acres are not eligible.