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 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 $95,520 $109,080 $122,760 $136,320 $147,240 $158,160 $169,080 $180,000
Addison County $83,280 $95,160 $107,040 $118,920 $128,520 $138,000 $147,480 $157,080
Bennington County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Caledonia County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Essex County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Lamoille County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Orange County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Orleans County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Rutland County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Washington County $81,360 $93,000 $104,640 $116,160 $125,520 $134,760 $144,120 $153,360
Windham County $76,200 $87,120 $98,040 $108,840 $117,600 $126,360 $135,000 $143,760
Windsor County $78,480 $89,640 $100,800 $111,960 $120,960 $129,960 $138,840 $147,840

 

Loan amount of $30,000: Energy Star Rated Manufactured Home (Park/Leased Land)

  • Replace an old manufactured home with a new Energy Star Rated model. Location can be in a park or privately leased land.
  • Purchase a new Energy Star Rated 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 Rated Manufactured Home on Owned Land

  • Replace an old manufactured home with a new Energy Star Rated model. Location must be on owned land. (No exceptions.)
  • Purchase a new Energy Star Rated 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