What credit score do I need to qualify for loans with NeighborWorks of Western Vermont?
In general, we look for a median score of 620 (compiled from the three main credit reporting agencies), but our lenders will consider scores outside of that with reasonable explanations and recent solid credit performance.
What local lenders do you partner with for the Down Payment Assistance (DPA) loan?
Our partners include: Vermont State Employees Credit Union (VSECU), People’s United Bank (PUB), Heritage Family Credit Union (HFCU), Brattleboro Savings & Loan, Wells River Savings Bank and NBT Bank. NeighborWorks of Western Vermont will partner with other banks in the area, so call your bank and ask if they are willing to partner with us if you don’t see them on this list.
How quickly are energy loans processed?
Our lenders will respond within 2 days of getting either the pre-qualification full loan application.
Can I make my payment online?
You may opt to set up a bill pay with your bank, but you will be unable to pay your bill directly on our website. Setting up ACH (automatic clearing house) from your bank account is also a payment option, which simply means you would be giving us the permission to extract payments directly from your bank account.
Can I apply for a loan online?
Our applications are available online, but must be completed and submitted either in person, by mail, or via e-mail. There is no way to submit your application directly on our website.
How do I apply for a rehab loan?
Simply call us at (802) 438-2303 for an intake session. Then, our lenders will schedule a time to take your application over the phone.
How long does it take to close a rehab loan?
It may take anywhere from 1 to 3 months from receiving the application to closing.
There is lots of due diligence going on behind the scenes here at NeighborWorks of Western Vermont. We bring in other funders, get estimates from contractors, and do the necessary site reviews in order to satisfy organizational requirements. This can all take some time, so please bear with us. You are an important part of this process. The faster you are able to provide the information we request the better and will allow for a timelier closing.