BURLINGTON, Vt.– Vermont Federal Credit Union has now provided more than $60,000 in Seed Money, a down payment assistance program offering first-time home buyers up to $7,500 towards closing and down payment costs.
According to the credit union, the new program is available to first-time home buyers with a household income of $125,000 or below who are purchasing a single family home or approved condominium. Vermont FCU said it is offering 3% of the purchase price up to a maximum of $7,500 for first-time home buyers who meet the qualifications, are doing a conventional mortgage through the CU, and don’t qualify for other down payment programs.
“Since its launch nearly four months ago, the Seed Money Mortgage Assistance Program has provided over $61,000 to members purchasing their first home,” said Mark Antell, AVP-mortgage origination at VFCU. Antell added the program was developed after recognizing a need for down payment and closing cost assistance for first-time home buyers who don’t qualify for assistance through Vermont Housing Finance Agency (VHFA), Federal Home Loan Bank of Boston, or other community seconds.
“We want to help Vermonters reach their goal of home ownership and we know saving for the down payment and paying the closing costs can be a barrier for many,” said Antell.
In addition to offering financial assistance, Vermont Federal has hosted a series of free home buying seminars throughout the months of March and April as the buying season begins to ramp up in Vermont. The seminars cover basic financing options and frequently asked questions, the complete home buying process, and presentations from both a local realtor and VHFA.
The $550-million Vermont Federal has more than 40,000 members.