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Attend one of our informational HopeBuilders breakfasts to learn more about the Champlain Housing Trust and the affordable housing work we do in northwestern Vermont.
Eligibility For SEP
- Have a current & complete Shared Equity Program Application on file
- Be income-eligible (using HUD Area Median Income Guidelines). These guidelines are based on current gross household income. Income guidelines are subject to change.
Shared Equity Program Application (733 KB)
(number of persons living in the home)
(if your income is close please apply)
- Be Asset Eligible. You must have less than $60,000 in liquid assets (not including retirement accounts). Exceptions may be requested if you have more than the limit.
- Have completed a Shared Equity Information Meeting and Homebuyer Education Workshop
- Be deemed mortgage ready* by a NeighborWorks® Homeownership Center of Vermont and be in a position to afford a mortgage for the property of interest. Your credit report must reflect the fact that you will likely be eligible for a mortgage
* Definition of a customer who is mortgage ready: A NeighborWorks®Homeownership Center customer who has been pre-approved for an "A" loan. The customer must be able to afford a loan at an interest rate of not more than 1% above the VHFA-MOVE rate and/or one other interest rate from a local, affordable mortgage program, paying no more than 2 points.
- Have submitted a copy of a pre-approval letter from a participating lender. The pre-approval letter must be no more than 60 days old and reflect current income
- Be prepared for closing costs to range from $5,000 to $8,000. There is a minimum $3,000 personal savings requirement. The rest of the closing costs can come from gifts, loans, or other sources.
- Not have an ownership interest in another primary residence at the time of purchase of CHT home
- All CHT buyers will be responsible for paying a $1,200 CHT transaction fee, payable at closing. The transaction fee covers a portion of the costs incurred by CHT in its facilitation of the transaction.