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Vermont
First Time Home Buyer
Real Estate Market
 Vermont
has one of the lowest foreclosure rates in the country and they are dodging the
housing crisis. However, job cuts are increasing which could lead to an increase
in foreclosures. Home sales are getting a boost from the $8,000 first time home
buyer credit which has been extended to June 30th, 2010. Also, the
inventory of homes for sale are slowly decreasing and home prices haven’t fallen
significantly in Vermont. A Vermont first time home buyer is fortunate that
almost the entire state except Chittenden County is eligible for the USDA Rural
Zero Down No PMI 30 year fixed program. So what are you waiting for?
Special
Programs
The My Community
Vermont First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
Vermont First Time HomeBuyer FHA Program
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Burlington |
$318,750 |
$408,050 |
$493,250 |
$613,000 |
| Rutland |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90
 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Vermont USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
most counties is $73,600. Burlington, VT has $86,400 limit.
List of INELIGIBLE COUNTIES: Chittenden
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Vermont First Time Home Buyer Stats
| Average Home Listing Price |
$389,127 |
| Unemployment Rate |
6.4% |
|
Foreclosure rate-Burlington |
1 in 4,500 homes |
| Property Tax Rate |
1.57% |
| Fastest Growing Job Market |
Healthcare, Social Assistance, Education |
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