2015 First Time Home Buyer Programs for Vermont FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. MOVE Program MOVE Program offers Vermont's lowest rate to homebuyers, and most counties in the state do not require you to be a first time homebuyer. Borrowers are able to save up to $625 on the Vermont Property Transfer Tax, and they will have lower monthly mortgage insurance payments. However, participants in this program may not use ASSIST down payment grants or the MCC. Qualified buyers in Vermont may apply. MOVE MCC Program MOVE MCC Program is for homebuyers to combine a mortgage loan with a MCC. The MCC program allows borrowers to take a federal tax credit based on the interest they pay each year on their mortgage loan. Borrowers are able to save up to $625 on the Vermont Property Transfer Tax. They also have lower monthly mortgage insurance payments. ASSIST grants may be combined with the MCC program for up to 2.5 percent of the loan amount or purchase price. Qualified buyers in Vermont may apply. Mortgage Credit Certificates Mortgage Credit Certificates according to vhfa.org, Mortgage Credit Certificates (MCCs) create an income tax credit equal to 20% of the annual interest paid on a mortgage. VHFA offers Mortgage Credit Certificates combined with a VHFA first mortgage through our MOVE MCC Program. Qualified buyers in Vermont may apply. ASSIT Down Payment Grant ASSIT Down Payment Grant provides 2.5 percent of the loan or purchase price amount to assist with the costs associated with the down payment and/or closing costs. However, this assistance comes with a price: a higher interest rate. This is a grant, and thus does not need to be rapid. Qualified buyers in Vermont may apply. Advantage Program Advantage Program borrowers can save up to $625 on the Vermont Property Transfer Tax. They also have lower monthly mortgage insurance payments. ASSIST grants can be paired with this program for up to 2.5 percent of the loan amount or purchase price. To be eligible, households with two people or fewer cannot have a total gross income of more than $100,000. Households with three or more people cannot exceed $125,000 in income. Qualified buyers in Vermont may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/Vermont