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
Burlington/South Burlington MSA 90,240 103,080 115,920 128,760 139,080 149,400 159,720 170,040
Addison County 78,720 89,880 101,160 112,320 121,320 130,320 139,320 148,320
Bennington County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Caledonia County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Essex County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Lamoille County 72,000 82,320 92,640 102,840 111,120 119,400 1127,560 135,840
Orange County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Orleans County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Rutland County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Washington County 76,800 87,840 98,760 109,680 118,560 127,320 136,080 144,840
Windham County 72,000 82,320 92,640 102,840 111,120 119,400 127,560 135,840
Windsor County 74,040 84,600 95,160 105,720 114,240 122,640 131,160 139,560

 

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:

Alyssa Peteani at [email protected] or (802) 861-7344