Do you own an old, drafty mobile home and want to replace it with a new, Energy Star Rated model or Zero Energy Ready model? Are you interested in purchasing a new Energy Star Rated or Zero Energy Ready manufactured home, but can’t quite afford the down payment? This program may be able to help. Our down payment assistance loans are designed to be a “silent second” to a first mortgage. The loans are offered at 0.00% interest, and all payments are deferred until the property is sold, transferred, or refinanced. The loans are assumable, which will allow the next buyer of the home to take advantage of this loan if they meet the program qualifications.
To Start the Application Process:
- Complete Homebuyer Education and Counseling at your NeighborWorks Homeownership Center
- Submit an Interest Form or Submit online
Loan Eligibility Requirements
- Loans can be used in any Vermont county. Home must already serve as, or will be, the borrower’s primary residence
- Applicants must complete Homebuyer Education and Counseling at your Local NeighborWorks HomeOwnership Center (5+ locations in VT)
- The loan is secured by a mortgage deed, so there must be enough equity in the property to secure the loan amount
- The home cannot be located in a FEMA Special Flood Hazard Area
- Credit history and debt obligations will be considered. Liquid assets exceeding $60,000 will be subject to further analysis.
- The gross household income (before taxes and deductions) must be less than the following:
| Area | Household Size & Income | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 person | 2 persons | 3 persons | 4 persons | 5 persons | 6 persons | 7 persons | 8 persons | |
| Chittenden/Franklin/Grand Isle | $99,960 | $114,240 | $128,520 | $142,680 | $154,200 | $165,600 | $177,000 | $188,400 |
| Addison County | $91,560 | $104,640 | $117,720 | $130,800 | $141,360 | $151,800 | $162,120 | $172,680 |
| Bennington County | $83,760 | $95,760 | $107,760 | $119,640 | $129,240 | $138,840 | $148,440 | $158,040 |
| Caledonia County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Essex County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Lamoille County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Orange County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Orleans County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Rutland County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Washington County | $88,560 | $101,280 | $113,880 | $126,480 | $136,680 | $146,760 | $156,840 | $167,040 |
| Windham County | $79,800 | $91,200 | $102,600 | $114,000 | $123,120 | $132,240 | $141,360 | $150,480 |
| Windsor County | $84,480 | $96,480 | $108,600 | $120,600 | $130,320 | $139,920 | $149,640 | $159,240 |
Loan amount of $30,000: Energy Star and Zero Energy Ready Homes in Parks or Leased Land
- Replace an old manufactured home with a new Energy Star Rated or Zero Energy Ready model. Location can be in a park or privately leased land.
- Purchase a new Energy Star Rated or Zero Energy Ready Manufactured home in a mobile home park or privately leased land.
- Must qualify for a first mortgage or other financing for the balance of the purchase and site improvement costs.
- Borrower must be able to contribute at least $2,500 of transaction costs from savings.
- A home installation inspection will be required.
Loan amount of $40,000: Energy Star and Zero Energy Ready Homes on Owned Land
- Replace an old manufactured home with a new Energy Star Rated or Zero Energy Ready model. Location must be on owned land. (No exceptions.)
- Purchase a new Energy Star Rated or Zero Energy Ready manufactured home on owned land.
- Must qualify for a first mortgage or other financing for the balance of the purchase and site improvement costs.
- Borrower must be able to contribute $2,500 of transaction costs from savings.
- A home installation inspection will be required.
Loan amount of $40,000: Zero Energy Modular Home
- Purchase an approved zero energy modular (ZEM) home in a mobile home park setting.
- A 1:1 replacement of an old Manufactured Home on owned land (no exceptions).
- Must qualify for a First Mortgage or other Financing for the balance of the purchase and site improvement costs.
- Borrower must be able to contribute at least $2,500 of transaction costs from savings.
Contact Us for More Information:
Shawn Chapman (NMLS ID #415801) at [email protected] or (802) 861-7344