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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.
How To Apply
For A Manufactured Housing Down Payment Loan
The goal of this loan program is to install energy-efficient and long-lasting mobile homes in parks and owned land throughout Vermont, after so many were destroyed by Tropical Storm Irene in 2011. By providing a "silent second" down payment loan, it allows for more affordable monthly housing costs.
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. It's important to note that this is not a grant program, and the applicant and the property must meet all eligibility criteria.
There are many steps that can happen simultaneously when submitting the eligibility packet to CHT. CHT staff recommends registering for and completing Homebuyer Education and Counseling as quickly as possible. Each HomeOwnership Center in the State has different workshop schedules, please find one that is the most convenient. Additionally, it may be a good idea to meet with a First Mortgage Lender for a pre-approval.
If the applicant appears eligible, CHT will issue a pre-qualification letter that can be shared with the First Mortgage Lender and home dealer to determine a suitable manufactured housing option. Once CHT has a copy of the pre-approval letter from a bank or credit union and a purchase and sales contract, CHT will issue their 1003 Loan Application. From there, CHT's Loan Committee will determine loan approvals and denials.
Generally, once CHT has approved the Down Payment Loan, the First Mortgage Lender will order an appraisal. The property must appraise high enough that both CHT's loan and the bank's loan will be secured by the value of the property. When that step is complete, the closing can be scheduled; most often, CHT's loan closing will happen with the bank's closing.
When the home is installed, CHT will require a home installation inspection, which will be a comprehensive examination of all the home's major systems and quality of installation. CHT will hold back $5,000.00 in funds and will release them upon a suitable inspection. Once complete, the borrower can move into the new, energy-efficient home! Repayment of the loan occurs upon sale, transfer, or refinance of the property.
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
Program is made possible by the State of Vermont and the Vermont Housing Finance Agency