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Contact Paul Pinsent at
(802) 885-3220 x 211
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June 2nd & 3rd
4:00PM – 8:00PM
Springfield, VT
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HOMELAND 2007 Mortgage Grant Program
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.
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
THE FOLLOWING IS A GUIDELINE USED IN DETERMINING ELIGIBILITY:
HUD’S 100% Median Family Income Chart
| Windsor County | ||||||||
| Family Size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| 100% Median Income | $43,800 | $50,100 | $56,350 | $62,600 | $67,600 | $72,600 | $77,600 | $82,650 |
| Windham County | ||||||||
| Family Size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| 100% Median Income | $42,150 | $48,150 | $54,200 | $60,200 | $65,000 | $69,850 | $74,650 | $79,450 |
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.
Equity Builder Grant Program
$15,000 grants available to help families afford homeownership and build equity
Eligible Uses of Grant Funds:
- Down-payment and closing costs
- Rehabilitation Costs
- $1,000 to help defray costs of required Home Buyer Workshop and Counseling
Eligible Recipients:
- Apply through participating banks
- Income as determined by participating banks must meet guidelines below:
| Windsor County | ||||||||
| Family Size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| 80% Median Income | $35,050 | $40,050 | $45,050 | $50,100 | $54,100 | $58,100 | $62,100 | $66,100 |
| Windham County | ||||||||
| Family Size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| 80% Median Income | $33,700 | $38,550 | $43,350 | $48,150 | $52,000 | $55,850 | $59,700 | $63,550 |
- 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:
- Chittenden Bank
- Connecticut River Bank
- Mascoma Savings Bank
- Springfield Savings and Loan
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!
Download Equity Builder Fact Sheet
IORTA Loan
- Loan of up to $3000 ($5000 for extenuating circumstances) for borrowers using a VHFA mortgage
- Used for closing costs or down payment
- Interest rate is same as VHFA’s current MOVE fixed rate with 0 points
- No prepayment penalty
- Payment is deferred for term of 10 years. Interest is compounded monthly.
- Secured by a mortgage or deed of trust covering property
- Not assumable
- Homeowners (Hazard Insurance) Insurance is required
- Recording fee of $32.00
Download IORTA Loan Fact Sheet
Rockingham Area Community Land Trust
90 Main Street, Suite 1
Springfield, Vermont 05156
(802) 885-3220
[email protected]