What is the Vermont ASSIST Down Payment Assistance Loan?
The Vermont ASSIST Down Payment Assistance Loan provides eligible homebuyers with financial help to cover down payment and closing costs, making homeownership more affordable.
How much assistance can I receive through the ASSIST program?
The program offers up to $15,000 in down payment and closing cost assistance, provided as a deferred loan with no monthly payments.
Who qualifies for the ASSIST Down Payment Assistance Loan?
Eligibility is based on income and purchase price limits, and applicants must use the home as their primary residence. Both first-time and repeat homebuyers may qualify.
Do I need to be a first-time homebuyer to qualify?
No, the program is open to both first-time and repeat homebuyers, provided they meet income and property eligibility requirements.
What is the minimum credit score required?
Applicants typically need a minimum credit score of 640 to qualify. A higher credit score may improve loan terms and eligibility.
Are there income limits for the ASSIST program?
Yes, income limits vary based on household size and the county where the property is located, ensuring the program benefits low-to-moderate-income families.
What types of properties are eligible for the ASSIST program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum purchase price varies by county but generally ranges from $300,000 to $500,000, depending on program criteria.
Does the ASSIST loan need to be repaid?
The loan is deferred with no interest or monthly payments. Repayment is only required if the home is sold, refinanced, or no longer used as the buyer’s primary residence within a specific timeframe.
Is homebuyer education required for the ASSIST program?
Yes, completing a homebuyer education course is mandatory to ensure buyers understand the financial responsibilities of homeownership.
Can the ASSIST program help with closing costs?
Yes, the funds can be used for both down payment and eligible closing costs, reducing the upfront financial burden for homebuyers.
Are there restrictions on where the property must be located?
Yes, the property must be located within Vermont and meet the program’s eligibility criteria for type and price.
Can the program be used for newly constructed homes?
Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is typically 45%, but exceptions may apply for applicants with strong credit or other compensating factors.
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Get Started NowCan the ASSIST program be combined with other assistance programs?
Yes, the ASSIST loan can often be combined with other state or local homebuyer assistance programs to maximize benefits.
What are the benefits of the ASSIST Down Payment Assistance Loan?
The program reduces the financial barriers to homeownership by offering deferred loans for upfront costs, making homeownership more accessible for eligible buyers.
Can this program be used with FHA, VA, or USDA loans?
Yes, the ASSIST program can be paired with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.
How does the deferred loan for down payment assistance work?
The deferred loan provides financial assistance without monthly payments. Repayment is only required if the buyer sells, refinances, or no longer uses the home as their primary residence.
What is the application process for the ASSIST program?
Applicants work with an approved lender who will verify eligibility, guide them through the application process, and help secure the loan and assistance.
Is there a fee to participate in the ASSIST program?
Yes, a one-time program fee may apply, typically included in the closing costs. Specific details are provided by the lender during the application process.