Before viewing properties, most agents require buyers to have a lender pre-qualification letter, which became essential during Covid. Today, this confirms buyers have explored financing options, understand special programs, their price range, and property qualification requirements.
Buyers should consult a Local Lender familiar with Vermont's unique, often 100+ year-old housing stock. Unlike national or online lenders, local professionals (including underwriters and appraisers) understand rural conditions like septic systems, wells, and springs instead of town sewer and water, older house comparables, and they avoid unnecessary requirements like termite inspections.
Local Lenders also offer access to unique local programs, grants, and loans, such as:
- The Equity Builder Grant: A grant for low to moderate-income homebuyers.
- RuralEdge's Shared Equity Program: For low to moderate-income buyers, this grant of up to 35% of a home’s price stays with the home, maintaining perpetual affordability.
- The 1st Generation Homeowner Grant: A $15,000 grant for those whose parents haven't owned a US home, or who have been in foster care.
- VHFA Assist: A $10,000, 0% interest loan with no payments, due only upon sale of the property.
Local Lenders provide personalized service, are accessible for issue resolution, and are a big part of the community. Buyers are advised to contact at least two local lenders to explore the programs available to them.
