Manufactured Housing Down Payment Loan

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:

  1. Complete Homebuyer Education and Counseling at your NeighborWorks Homeownership Center 
  2. 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.

Contact Us for More Information:

802-861-7388 or [email protected]