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How To Apply
For A Home Repair Loan
The loan application process can take about 6-8 weeks from initial communication to loan closing, and then construction can begin after the loan closing and contractor selection.
To begin the application process, an interested household must submit a completed eligibility worksheet to CHT's office with requested income documentation. From there, the Loan Officer will pull the applicant's credit, assess their income and debts, and determine their affordability for a loan. While CHT can be fairly flexible in offering affordable loan terms, there are still underwriting criteria that the applicant and the property must meet to be eligible for the loan (for example, house cannot be in a FEMA Special Flood Hazard Zone).
If the applicant appears eligible, CHT will do an on-site visit to the home to assess the repair needs. CHT staff will help the home owner create a scope of work and determine the loan amount necessary to do the work (including a little extra contingency). From there, a formal 1003 Mortgage Loan Application will be issued to the applicant, and CHT's Loan Committee will determine loan approvals and denials. If approved, applicants will move to commitment and loan closing.
When the loan has been approved, applicants can begin bidding out the project to contractors. CHT will give borrowers the tools they need to bid their project, and borrowers will be able to select the contractor that they wish to use. It is important to note that CHT does not hire the contractor for the home repair projects, but all contractors must be approved by CHT based on basic eligibility requirements that include a W-9 form, adequate liability, workers compensation, and automobile insurance, and contractors must not be debarred by the state or federal government. Before any work can be done to the home, the borrower must have completed the loan closing, signed a construction contract, and the contractor must have been issued a Notice to Proceed.
Contractors will submit payment requests to the home owner and CHT. All payment requests are subject to inspection and approval by the home owner and CHT.
Repayment of the loan will begin after the repair project is complete, as the borrower is only responsible for the amount of funds they ultimately spend. As part of the HomeOwnership Center at CHT, Loan Fund customers are invited to take advantage of various workshop offerings and counseling services.
Home Repair Loan Eligibility Application (1029 KB)
Contact Us for More Information: 802-861-7388
88 King Street
Burlington, VT 05401
NMLS ID# 179570
13 Lake Street
St. Albans, VT 05478
NMLS ID# 184793
This program is made possible through funding from the Vermont Community Development Program, Vermont Housing Conservation Board, United States Department of Agriculture Rural Development, TD Charitable Foundation, and NeighborWorks® America.