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What's New |
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Low
Interest Home
Repair Loans Are Available!
Contact Paul Pinsent
at
(802) 885-3220 x 211
 MORE INFO
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Event Calendar |
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Homebuyers
Workshop
June 2nd & 3rd
4:00PM - 8:00PM
Springfield, VT
MORE INFO
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RACLT Calendar |
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 HomeOwnership
Center Financial Programs |
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HOMELAND 2007 Mortgage Grant Program |
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RACLT is a participant in the
state-wide HOMELAND Program, a homeownership program run by
community land trusts across
Vermont. The HOMELAND Program,
, funded by
the Vermont Housing and Conservation Board,
makes affordable homeownership available to low and moderate
income homebuyers. For program details and to learn if you are
eligible, please see our
income eligibility guidelines.
There are two ways to purchase a home through this program:
Purchase a home
on the real estate market
Income-eligible homebuyers can receive grant funds to help
subsidize the cost of a home for sale on the real estate market.
Here is how it works: Income-eligible homebuyers first locate a
single family home of their choice selling for less than
$230,000. If the home passes RACLT's inspection, RACLT provides
a grant of 20% of the sale price up to $40,000 toward the
purchase of the land under the home, thereby lowering the total
cost of the home to the buyer. In return for this grant, the
Land Trust retains ownership of the land, which assures
long-term affordability to future homeowners of that property.
Purchase an existing HOMELAND
property
Income-eligible homebuyers may buy a home that is already part
of the Land Trust system. When a current Land Trust homeowner
decides to sell their home, the Land Trust helps the seller find
another income-eligible buyer. The home is sold to the new buyer
at below market value.
View homes for sale
in RACLT's HOMELAND program.
In addition to this purchase subsidy, HOMELAND homebuyers can:
Get a below-market rate
VHFA HOUSE mortgage.
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Service Area:
Southern Windsor County:
Plymouth, Reading, West Windsor,
Windsor, Ludlow, Cavendish, Baltimore, Weathersfield, Weston,
Andover, Chester, Springfield
Northeastern Bennington County:
Peru, Landgrove
Northern Windham County:
Londonderry, Windham, Grafton,
Rockingham, Athens, Westminster
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THE FOLLOWING IS A GUIDELINE USED IN
DETERMINING ELIGIBILITY:
HUD’S 100% Median
Family Income Chart |
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Windsor County |
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Family Size |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
100%
Median Income |
$43,800
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$50,100 |
$56,350
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$62,600 |
$67,600 |
$72,600 |
$77,600 |
$82,650 |
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Windham County |
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Family Size |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
100%
Median Income |
$42,150
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$48,150 |
$54,200 |
$60,200 |
$65,000 |
$69,850 |
$74,650 |
$79,450 |
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These
are just a few of the key parts of this program. If you would like
to learn more about this opportunity please make an appointment with
our counselors. |
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Equity Builder Grant Program |
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$15,000 grants available to help
families afford homeownership
and build equity |
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Eligible Uses of Grant Funds: |
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Down-payment and closing costs
Rehabilitation Costs
$1,000 to help defray costs of required Home Buyer Workshop and
Counseling |
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Eligible Recipients: |
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Apply through participating banks
Income as determined by participating banks must meet guidelines
below: |
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Windsor County |
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Family Size |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
80%
Median Income |
$35,050
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$40,050 |
$45,050
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$50,100 |
$54,100 |
$58,100 |
$62,100 |
$66,100 |
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Windham County |
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Family Size |
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
80%
Median Income |
$33,700
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$38,550 |
$43,350
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$48,150 |
$52,000 |
$55,850 |
$59,700 |
$63,550 |
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Complete approved Home Buyer Workshop
and Counseling
Agree to execute Equity Builder mortgage
and note, which secure the affordability provisions of
the program. |
| Participating Banks: |
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Chittenden Bank |
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Mascoma Savings Bank |
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Connecticut River Bank |
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Springfield Savings and Loan |
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Sponsor: Federal Home Loan Bank of Boston – A
bank that provides services to its member banks.
There are recapture provisions if recipient sells house
with in five years of purchase.
If you are income eligible (or close) please talk with
your homeownership counselor to review your situation
and determine next steps! |
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Download Equity
Builder Fact Sheet |
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