Do you own an old, drafty mobile home and want to replace it with a new, Energy Star Rated model? Or are you interested in purchasing a new Energy Star Rated 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
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 | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 person | 2 persons | 3 persons | 4 persons | 5 persons | 6 persons | 7 persons | 8 persons | |
| Burlington/South Burlington MSA | 80,640 | 92,160 | 103,680 | 115,080 | 124,320 | 133,560 | 142,800 | 151,920 |
| Addison County | 70,320 | 80,400 | 90,480 | 100,440 | 108,480 | 116,520 | 124,560 | 132,600 |
| Bennington County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Caledonia County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Essex County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Lamoille County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Orange County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Orleans County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Rutland County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Washington County | 69,120 | 78,960 | 88,800 | 98,640 | 106,560 | 114,480 | 122,400 | 130,320 |
| Windham County | 65,880 | 75,240 | 84,600 | 93,960 | 101,080 | 109,080 | 116,520 | 124,080 |
| Windsor County | 66,240 | 75,720 | 85,200 | 94,560 | 102,240 | 109,800 | 117,360 | 124,920 |
Loan amount of $27,500: Energy Star Rated Manufactured Home
- Replace an old manufactured home with a new Energy Star Rated model. Location can be in a mobile home park or on owned land.
- Purchase a new Energy Star Rated Manufactured home in a mobile home park or 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 at least $2,500 of transaction costs from cash savings.
- A home installation inspection will be required.
Loan amount of $35,000: Vermod High Performance Home
- Purchase an approved zero energy modular (ZEM) home in a mobile home park setting OR 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 cash savings.
