VHFA launches new down payment and closing cost assistance program

NEWS RELEASE — Vermont Housing Finance Agency
April 1, 2013

Maura Collins
(802) 652-3434
[email protected]

BURLINGTON, VT — A new grant program launched today will connect lower income Vermonters with the down payment and closing costs needed to buy a home at historically low rates.

Today the Vermont Housing Finance Agency (VHFA) rolled out its down payment and closing assistance grants for Vermont home buyers, calling the program MOVE ASSIST.

“MOVE ASSIST grants will enable low- to moderate-income Vermonters to clear one of the most difficult barriers to buying a home – the down payment or closing costs,” said Jacklyn Santerre, Director of Homeownership at VHFA.

VHFA offered a down payment and closing cost assistance program for most of the last decade, but stopped the program in 2008.

“It was a difficult decision to stop offering this tool for borrowers, but when the recession really took hold, VHFA lost our traditional source of capital and we had no funding for it,” said VHFA Executive Director Sarah Carpenter. “It’s been our goal since that day to bring this product back to the market as a tool for our buyers.”

MOVE ASSIST grants are available for borrowers who qualify for a VHFA mortgage guaranteed by USDA Rural Development (RD) or the Veterans Administration. “The majority of VHFA loans are RD guaranteed. Therefore MOVE ASSIST will target our most popular program option” said Santerre.

“In a time when it is more difficult than ever for otherwise eligible Vermont individuals and families to save the money needed to close a mortgage loan, we see this grant as an effective stepping stone towards access to homeownership,” Santerre continued.

To learn more about the program, go to VHFA’s website – www.vhfa.org – for additional information about ASSIST, other VHFA products, and how to apply for a VHFA loan. VHFA programs are offered by 18 participating lenders all listed online, covering every county in Vermont.

VHFA is a non-profit agency created in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low- and moderate-income Vermonters. Since its inception, the Agency has helped approximately 27,000 Vermont households with affordable mortgages and financed the development of approximately 8,400 affordable rental units.

Press Release

Comment Policy

VTDigger.org requires that all commenters identify themselves by their authentic first and last names. Initials, pseudonyms or screen names are not permissible.

No personal harrassment, abuse, or hate speech is permitted. Be succinct and to the point. If your comment is over 500 words, consider sending a commentary instead.

We personally review and moderate every comment that is posted here. This takes a lot of time; please consider donating to keep the conversation productive and informative.

The purpose of this policy is to encourage a civil discourse among readers who are willing to stand behind their identities and their comments. VTDigger has created a safe zone for readers who wish to engage in a thoughtful discussion on a range of subjects. We hope you join the conversation. If you have questions or concerns about our commenting platform, please review our Commenting FAQ.

Privacy policy
Thanks for reporting an error with the story, "VHFA launches new down payment and closing cost assistance program"