Down Payment Assistance Loan

Statewide Down Payment Assistance Loan

NeighborWorks of Western Vermont offers second mortgages up to $40,000 so that you can have the money for the home of your dreams. Down Payment Assistance Loans are available to all eligible borrowers living in any Vermont county.

Our Down Payment Assistance loan will be paired with one of our partnering lenders for 100% financing on your home, and you won’t be charged private mortgage insurance.

Down Payment Assistance Loans At A Glance:

  • 15-Year term

  • 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. 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.

Are you interested in a Down Payment Assistance Loan?

Sign up for our Homebuyer Education Course – a pre-requisite to our Down Payment Assistance Loan.

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Have any questions?

Give us a call at 802-438-2303 or email us at [email protected].

Email us!

Special Thanks To Our Partnering Lenders:

VSECU

Heritage Family Credit Union
NBT Bank
People’s United Bank
Community Bank
Wells River Savings & Loan
Brattleboro Savings & Loan
National Bank of Middlebury
The Bank of Bennington

The Benefits of a Down Payment Assistance Loan:

Save time

Don’t let saving 20% of the purchase price of your home get in your way.

Save money

Using a DPA Loan means you don’t have to pay Private Mortgage Insurance (PMI) each month, which will save you money.

Build equity

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

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Have any questions?

Give us a call at 802-438-2303 or email us at [email protected].

Email us!

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.