Vermont COVID Emergency Mortgage Assistance Program
What is the Vermont COVID Emergency Mortgage Assistance Program?
The State of Vermont received money through the Federal CARES Act to help people pay back mortgage payments they have missed due to COVID-19. Vermont Housing Finance Agency (VHFA) is accepting applications. The last day to submit an application is Friday, November 6, 2020.
What are the eligibility requirements?
- Homeowners living in Vermont as their primary residence
- Mortgage entered before March 1, 2020 (home-equity loans and reverse mortgage are NOT eligible)
- One or more missed payments due to a COVID-19 hardship
- Income for all borrowers for the previous 90 days does not exceed $21,000 ($24,000 in Chittenden County)
- Eligible even if the mortgage is already in forbearance or deferment
- Application is submitted through this website on or before Friday, November 6, 2020.
What if I am approved?
If you are approved, you will be notified and the payment will go directly to your mortgage servicer, or directly to your town if you are receiving assistance for past due property taxes (see below). The payment will be for up to six (6) months of your regular monthly mortgage payments. Any assistance you receive through this program is a grant and you will not be required to pay it back to VHFA. HOWEVER, THE AMOUNT AWARDED MAY NOT BE ENOUGH TO BRING YOUR ACCOUNT CURRENT. YOU WILL BE RESPONSIBLE FOR ANY REMAINING PAST DUE AMOUNT WITH YOUR SERVICER OR THE TOWN.
Can I get help with my past due property taxes due to COVID?
If you have a mortgage, but do not escrow your property taxes and you are past due with your town due to COVID-19, then you may be eligible for assistance.
How long will it take before I know if I am approved?
Applying does not guarantee approval. Please allow 45 days from the date you submit your application. To help VHFA better process your application, please provide the accurate name, phone number and email of the person at your servicer that VHFA should contact about your mortgage.
If you are a renter looking for rental assistance, please visit the Vermont State Housing Authority Rental Assistance Program or contact VSHA by phone at 802-828-2040 or 802-828-1650 or 802-828-5596.