Wisconsin DPA Programs
Explore down payment and homebuyer assistance programs in the state of Wisconsin.
June 22, 2023
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Vermont
Vermont Down Payment Assistance (DPA) Programs
Located in the northeastern region of the United States, Vermont is the fourteenth state to join the Union, renowned for its natural beauty and referred to as “The Green Mountain State.”
The city of Montpelier serves as the state capital, while Burlington is the largest city. With a population of over 600 thousand residents, Vermont holds a high homeownership rate of 72.7% (2022-U.S. Census Bureau).
Down payment assistance programs continue to facilitate homeownership throughout the country, and we are delighted to provide a list of programs available in Vermont to assist those seeking to purchase a home in this beautiful state. Additionally, combining programs may be possible, so please don’t hesitate to inquire.
Vermont Housing Finance Agency (VHFA)
Move Mortgage Program
VHFA offers a 30-year, fixed-rate mortgage with down payment options ranging from 0-5%, no closing costs, and programs for down payment assistance and property transfer tax savings up to $825. Eligibility requirements include income and purchase price limits, credit score requirements (starting at 640), and no ownership stake in property in certain counties in the past 36 months for new homebuyers.
Move MCC Mortgage Program
VHFA offers competitive lending programs for mortgages, including a 30-year fixed-rate loan with a 0-5% down payment, and help with closing costs and property transfer tax savings. There are income and purchase price limits, eligibility requirements, and a minimum credit score of 640. Some areas also have a no previous ownership requirement. Our Mortgage Credit Certificate Program also offers an annual federal tax credit of up to $2,000 with restrictions.
Advantage Mortgage Program
This is a 30-year, fixed-rate mortgage loan. Down payment percentage ranges from 0%-5%. Eligible applicants may receive down payment, closing cost assistance, and save up to $825 on Vermont Property Transfer Tax. Income limit, credit score minimums, and other criteria apply. A minimum credit score of 640 is required and a higher score may be necessary, determined by the lender.
Assist Down Payment and Closing Cost Assistance
VHFA offers a 0% interest loan with no monthly payments due on sale for first-time homebuyers through Move, Move MCC, or Advantage Mortgage Program. Loan amount varies from $10,000 to $15,000 based on income. It cannot be used with VA loans.
Mortgage Credit Certificate (MCC)
“Federal tax credit up to $2,000 each year borrowers live in the home and pay interest on the mortgage. Restrictions apply. Available with Move MCC or with a non-VHFA mortgage offered by a VHFA Participating Lender.”
First Generation Homebuyer Program
“Are you a First Generation Homebuyer? You may be eligible for a $15,000 grant for down payment and closing costs! Eligible borrowers could combine this grant with VHFA ASSIST to receive up to $25,000 – $30,000 for down payment and closing cost assistance! The funding for the grant is available on a first-come, first-served basis while funds last.”
Downstreet Housing & Community Development
Shared Equity Down Payment Assistance
“Downstreet provides down payment assistance to home buyers through grants up to 20% of the purchase price to those who are at or below 120% of the area median income as defined by the Department of Housing and Urban Development (HUD). The grant stays attached to the home upon resale and is recycled to the next income-eligible purchaser. In exchange for the grant, the purchaser agrees to limit the amount of market appreciation taken at the time of resale.”
City of Burlington Community & Economic Development
Shared Equity Program
“The Community & Economic Development Office and Champlain Housing Trust (CHT) have a program to help low and moderate-income homebuyers purchase duplexes in the City. Downpayment awards are typically no interest, deferred payment loans for $10,000.”
Twin Pines Housing
Buyer-Driven Downpayment Grants
“Twin Pines Housing is currently accepting applications for down payment grants to help qualifying buyers purchase a home in Vermont. The maximum grant amount is $60,000, or 20% of the purchase price of the property, whichever is less. New grant funds typically become available in July and go quickly, so contact us to begin the application process.”
Winooski Housing Trust Fund
Down Payment Assistance Program
“Low to moderate-income first-time homebuyers are encouraged to apply for this program for assistance with the down payment for a first-time home purchase.”
Windham & Windsor Housing Trust
Shared Equity Program
“Affordable homeownership is available to income eligible homebuyers through our Shared Equity Program. We provide grants to assist you in purchasing an eligible single-family home of your choice, and work with you to obtain a mortgage loan from a local bank.”
NeighborWorks of Western Vermont
Down Payment Assistance Loan
“NeighborWorks of Western Vermont offers second mortgages up to $50,000 to assist with a down payment for your new home. Down Payment Assistance Loans are available to all qualified borrowers purchasing in Vermont. Our Down Payment Assistance loan will be paired with one of our partnering lenders for up to 100% financing on your home, and you won’t be charged private mortgage insurance.”
Shared Equity Program
“NWWVT offers 20% down payment grants to homebuyers through this program. The Shared Equity Program has two main goals. To help low and moderate income buyers buy a home they otherwise could not afford. To keep these homes perpetually affordable so that future low and moderate income households will be able to buy a home.”
Champlain Housing Trust
Shared Equity Program
“Shared equity homeownership is a way to lower the cost of buying a home. Champlain Housing Trust’s shared equity program enables people to buy a home without a down payment and with a reduced mortgage.”
Homeownership Equity Program (HEP)
“Our HEP Down Payment Assistance product provides a bridge to homeownership with 0.00% interest loans (.o6% APR)* of up to $25,000 for qualified shared equity home buyers. If the buyer owns and lives in their home for three years or more, they never have to repay the loan. The buyer can use the funds to pay the costs of buying the home, to borrow less money from the bank and to build home equity.”
Federal Home Loan Bank (FHLBank) Boston
States/Territories served: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont
Equity Builder Program
“The Equity Builder Program (EBP) offers grants to help buyers earning up to 80% of the area median income with down-payment, closing cost, and home rehabilitation assistance, and homebuyer education and counseling.”
Housing Our Workforce
“Housing Our Workforce (HOW) offers grants to help homebuyers earning above 80% and up to 120% of the area median income with down-payment and closing cost assistance.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next blog post in our series will explore down payment assistance programs in Virginia.
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