$15,000 down payment and closing cost grants for eligible first-generation homebuyers are now available at National Bank of Middlebury through the Vermont Housing Finance Agency (VHFA). This grant is available while funds last to first-time homebuyers whose parents or legal guardians do not currently own their home, or homebuyers who were in foster care at some point in their life. Other eligibility requirements apply. To learn more, visit www.vhfa.org/firstgen or contact us!
How can the First Generation Homebuyer Program grant help?
This program provides a $15,000 grant for down payment and closing cost assistance to eligible homebuyers and may also be combined with VHFA ASSIST to receive an additional $10,000 -$15,000 for down payment and closing cost assistance!
Who is eligible to be a ‘First Generation’ Homebuyer?
The eligibility requirements to be considered a “first generation” homebuyer are:
- All borrowers and non-borrowing spouses must be true first-time homebuyers, AND
- Parents or legal guardians of ONE borrower do not currently own a home, OR
- One borrower has been placed in foster care at any time in their life.
Are there other eligibility requirements?
YES. Other credit, income, asset, and property eligibility requirements apply. This grant may only be paired with a VHFA mortgage program. Contact us to determine if you are eligible.
Do I need to sign a purchase and sale agreement and be approved before securing the grant funds?
Yes, you must present a signed purchase and sale agreement to a VHFA First Generation Homebuyer Program participating lender, and the lender must determine that you meet all of the eligibility requirements. Grant funds are credited to buyer at closing.
How do I get started?
Contact us and ask about a pre-approval or pre-qualification.