ASSIST
Vermont Housing Finance Agency (VHFA)
Amount: Up to $10,000 maximum (all income levels) as a 0% interest, non-amortizing second mortgage for down payment and/or VHFA-eligible closing costs. No monthly payments; full repayment due only when the home is sold, refinanced, or the first mortgage is paid off. Must be included in CLTV calculation; maximum CLTV is 105%. Must be paired with a VHFA MOVE first mortgage (Fannie Mae HFA Preferred, Freddie Mac Advantage, RD, or FHA loan).
Type: Deferred-payment, 0% interest second mortgage (repayable, not a grant)
All borrowers and any non-borrowing spouse must be true first-time homebuyers (no ownership interest in a principal residence at any location, ever). Combined liquid assets of borrower/non-borrowing spouse must be under $20,000. Must be paired with VHFA's MOVE program, which carries its own income and purchase price limits that vary by county and household size (VHFA does not publish one flat statewide figure) and a lender-set minimum credit score (commonly cited in the 640-680 range depending on loan type). Other funding sources/gifts must be applied first before ASSIST funds are used.
First-Generation Homebuyer Grant
Vermont Housing Finance Agency (VHFA)
Amount: $15,000 non-repayable grant for all income levels, for down payment and/or VHFA-eligible closing costs. Funds may not be given directly to the borrower outside of eligible costs. Does not affect LTV since it is a true grant.
Type: Non-repayable grant
Must be paired with VHFA MOVE, MOVE MCC, or Advantage first mortgage. All borrowers/non-borrowing spouses must be true first-time homebuyers. Combined liquid assets under $20,000. Additionally, at least one borrower must meet one of: (A) borrower's parents/legal guardians never had an ownership interest in a principal residence, or lost a home to foreclosure/short sale/deed-in-lieu and have not owned since, OR (B) at least one borrower has at any time been placed in foster care. Can be combined with ASSIST (applied before ASSIST in the funding stack).
Shared Equity Assistance
Vermont Housing Finance Agency (VHFA), in partnership with Vermont Housing Trusts
Amount: $5,000 non-repayable grant for all income levels, limited to down payment and VHFA-eligible closing costs. No funds may be given directly to the borrower.
Type: Non-repayable grant
Must be paired with a Fannie Mae or Freddie Mac Community Land Trust or resale-restricted loan that includes shared equity from a Vermont Housing Trust, used with MOVE, MOVE MCC, or Advantage. No specific asset restriction applies (unlike the other two programs). All borrowers/non-borrowing spouses must meet the underlying VHFA homeownership program's first-time-buyer and other requirements. FHA loans are not accepted in shared-equity transactions. Can be combined with First-Generation and ASSIST grants (applied first in the funding stack).
MOVE (and MOVE MCC) — underlying first mortgage program required for DPA
Vermont Housing Finance Agency (VHFA)
Amount: Not a direct down payment grant itself, but VHFA's primary first-time-homebuyer first-mortgage program (often VHFA's lowest interest rate) that ASSIST and the other DPA programs must be paired with. MOVE MCC additionally provides an annual federal Mortgage Credit Certificate tax credit of up to $2,000/year against mortgage interest paid.
Type: First mortgage loan (with optional federal tax credit under MCC variant)
First-time homebuyer requirement applies (with limited exceptions in certain designated counties allowing buyers who haven't owned in 3+ years). Household income and home purchase price limits apply, varying by county and household size — VHFA publishes current limits by geography rather than one statewide number (do not rely on a single approximate figure; confirm via VHFA's Income and Purchase Price Limits page or a participating lender). Minimum credit score is lender/loan-type dependent, commonly reported in the 640-680 range.