Vermont First Generation Homebuyer Program

How is Vermont First Generation Homebuyer Program paid back?

It's a grant, so there's nothing for you to repay.

As long as you follow the program's rules, grant money never has to be paid back.

Who qualifies for Vermont First Generation Homebuyer Program?

• First-generation buyers only: at least one person on the title spent time in foster care. Or their parents or guardians lost a home to foreclosure or never owned one.
• Your income limit depends on the VHFA program you pick: MOVE, MOVE MCC or ADVANTAGE.
• First-time buyers only (usually no home owned during the three years before you buy).
• Take a homebuyer education course before buying.
• You take this together with a first mortgage through VHFA MOVE, MOVE MCC, or ADVANTAGE.

Find the exact limit for your county and household size on the agency's chart of income limits. Use our HUD income limits search to see the median income in your area.

How to apply for Vermont First Generation Homebuyer Program

1. This help is paid out through lenders approved by Vermont Housing Finance Agency. You apply for it with one of them, at the same time as your home loan.
2. Your income, credit and the home are checked by the lender against the program's rules. The lender then reserves the money on your behalf.
3. The money is paid at closing and goes toward your closing costs and down payment.

The full rules and whether applications are open appear on Vermont Housing Finance Agency's page for First Generation Homebuyer Program. You can also choose a lender using the agency's participating lenders list.

More first-time buyer programs in Vermont

• Vermont Down Payment Assistance (ASSIST):

  Deferred loan of up to $10,000.

• Vermont Shared Equity Assistance:

  Grant of up to $5,000.

Every first-time home buyer program in Vermont · Down payment assistance nationwide