Statewide Down Payment Assistance Loan
NeighborWorks of Western Vermont offers second mortgages up to $40,000 so that you can have the money you need for a down payment on the home you’ve been dreaming of. Down Payment Assistance Loans are available to all eligible borrowers living in any Vermont county.
Our Down Payment Assistance loan can be paired with the first mortgage of your choice for 100% financing on your home, and you won’t be charged private mortgage insurance.
Down Payment Assistance Loans At A Glance:
Rate is 2% above the first mortgage rate
No prepayment penalty
Can be paired with other products including VHFA and Freddie Mac Home Possible Advantage
Any eligible borrower can apply for a Down Payment Assistance Loan to purchase their primary residence. There is no income cap or first-time buyer requirement. You may be able to borrow up to $40,000 or 20% of the purchase price of the home, whichever is lower.
You might also be able to combine this loan with a VHFA ASSIST loan, which provides a 0%, no-monthly-payment loan of up to $5,000 to help with down payment and closing costs.
NeighborWorks® of Western Vermont VT Licensed Lender #6200, NMLS #194008.
Special Thanks To Our Partnering Lenders:
Heritage Family Credit Union
People’s United Bank
Wells River Savings & Loan
Brattleboro Savings & Loan
National Bank of Middlebury
The Bank of Bennington
The Benefits of a Down Payment Assistance Loan:
Don’t let saving 20% of the purchase price of your home get in your way.
Using a DPA Loan means you don’t have to pay Private Mortgage Insurance (PMI) each month, which will save you money.
With a DPA Loan, your monthly payments go toward repaying what you owe – not to PMI – so that you can build equity in your home faster.
NeighborWorks of Western Vermont has all the tools to help you purchase your home—and we’ll be with you every step of the way. Learn more about our Down Payment Assistance Loan here.
NeighborWorks® of Western Vermont VT Licensed Lender #6200, NMLS #194008
Down Payment Grants
NeighborWorks of Western Vermont may be able to help you purchase your home with a down payment grant through the Vermont Housing and Conservation Board HOMELAND Program.
The HOMELAND Program provides purchase subsidies to make homeownership more affordable for Vermonters. Depending on your income and other factors, you could receive a grant up to 20% of the purchase price, up to $44,000, towards the purchase of a home.
You will own your home and your land. Down the road when you sell your home, a portion of the home’s equity stays with the home and funds a grant for the next buyer. Some income and credit criteria need to be met in order to qualify.