(Host) New data from the Vermont Housing Finance Agency shows that delinquency and foreclosure rates of VHFA mortgages were considerably lower than rates for Vermont and the rest of the country.
As of June 30th, VHFA home loans that were delinquent by 90 or more days was less than one percent of all the agency’s outstanding loans.
The national rate was four-and-a-half percent.
The number of VHFA loans in the foreclosure process was about one point four percent, whereas the overall foreclosure rate for Vermont was two point seven percent. And the national rate was about four-and-a-half percent.
Sarah Carpenter is Executive Director of VHFA. She says the numbers reflect the Agency’s commitment to responsible lending, and avoiding tactics used by many sub-prime lending institutions.
Carpenter says that the numbers also dispel myths about lower-income borrowers being a greater credit risk.
(Carpenter)"I think homeowners getting good solid home buyer education and being fit to the right mortgage product to meet their families need and their own income situation, not over-leveraging themselves, says low-income families can be strong, stable homeowners."
(Host) VHFA was established in 1974 by the Vermont Legislature to finance and promote affordable housing opportunities for low and moderate-income Vermonters.