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 starting May 3, 2021.
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)
- Missed payments since March 1, 2020 due to a COVID-19 hardship
- Income for all borrowers up to $84,000 in 2020 or up to $21,000 total income in the last 90 days. For homeowners in Chittenden County this limit is $96,000 in 2020 or $24,000 in the last 90 days.
- Eligible even if the mortgage is already in forbearance or deferment
- This is a mortgage foreclosure prevention program so only those households with mortgages are eligible to receive assistance with property taxes.
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 twelve (12) months of your regular monthly mortgage payments and (if you do not otherwise pay your property tax through a mortgage escrow) twelve (12) months of past due property tax. 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 with property tax for the prior twelve (12) months.
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 Emergency Assistance Program at https://erap.vsha.org/ or by phone at 833-488-3727.