Buying your first home can be one of the most exciting times in your life, but it's also one of the scariest. It's hard to know where to start the process, and sometimes there are so many financing options that you're not sure how to choose one.
Whether you’re a first-time homebuyer or not, there is potential to save money on a down payment, money you can spend the next time you visit Church Street in downtown Burlington. FHA loans are a great choice for Vermont buyers, so continue reading to see why an FHA loan is right for you.
Despite Vermont’s small size, lots of people are still choosing to purchase a home using the FHA home loan program. In fact, as of April 2019, the total value of FHA loans in the state of Vermont was over $8.7 million!
Knowing how much you can borrow is an important number to know while shopping for the perfect house. Maximum FHA loan limits in Vermont are adjusted annually, and depend on where in Vermont you want to reside. In most of Vermont, the baseline limit of $420,680 applies, but in a place like Burlington, the limit is $434,700 due to the relatively high cost of real estate in these areas. Use the table below to see the full list of Vermont FHA loan limits for 2022.
|County||FHA Loan Limit|
|All other areas||$420,680|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.