Shared Equity Program

Shared Equity Program

For those looking to purchase in Rutland or Bennington Counties

NWWVT offers 20% down payment grants to homebuyers through this program.

The Shared Equity Program has Two Main Goals:

#1 - HELP YOU BUY A HOME

To help low and moderate income buyers buy a home they otherwise could not afford.

#2 - KEEP YOUR HOME AFFORDABLE

To keep these homes perpetually affordable so that future low and moderate income households will be able to buy a home.

What is Shared Equity Homeownership?

Shared equity homeownership is a way to lower the cost of buying a home. NeighborWorks of Western Vermont’s (NWWVT) shared equity program enables people to buy a home without a down payment and with a reduced mortgage.

How does it work?

Buyers that qualify for the program based on the information below can purchase a home at below market rate due to an investment in the home by NWWVT. This investment acts as the buyer’s downpayment on the property, reducing the mortgage costs.

When the owner is ready to sell their home, they sell it back through NWWVT and share their appreciation in the home. The owner keeps 25% of the difference between the original appraised value and new appraised value of the home at time of sale. The other 75% stays with the property to keep the home affordable for future buyers.

To qualify for this program, you must:

1. Be income-qualified: 120% of AMI based on household size

2. Be Asset Eligible: you must have less than $60,000 in liquid assets (not including retirement accounts).

3. Be able to obtain a mortgage form a local lender that will accept the covenant on the property

4. Have at least$1,500 in personal savings and a plan to pay for closing costs, which can be approximately $10,000

5. Not have an ownership interest in another primary residence on the date that you purchase a home

6. Complete Homebuyer Education: Sign up by on this website or by calling 802-438-2303

7. Submit Required documents for all household members to NWWVT

8. Be Prequalified by a local lender that will accept the covenant

9. Meet with NWWVT to review the program requirements in more detail

NeighborWorks Shared Equity Program in Partnership with VHFA 

“Words cannot express how thankful we are to have benefited from the Shared Equity Program through Neighborworks. This program literally saved us from being homeless.

“We had rented for 35 years in the same place. In May we got notice that the owners would be tearing the house down due to the high cost of repairs needed to keep it habitable. We had no heat in our bedrooms or bathroom and had water running out of the ceiling from a leaky roof.

Unfortunately, with the tight housing market in Vermont they were not many options for rentals in our area. So, we started considering other options. One of them being to move out of state. As a 9th generation Vermonter, I was not looking forward to the thought of hav-ing to leave my home state. 

We had considered home buying in the past. We have good credit, and both work full time. Still, with the cost of raising a family and paying off student loan debt, we were never able to save the amount needed for down payment/closing costs. 

That’s when we found the program with Neighborworks. I knew a little about the program be-cause my Aunt actually benefited from the program in 1987. We submitted our paperwork and waited for a call. Everyone at Neighborworks helped us so much through the process which can certainly be overwhelming. 

With the help of the shared equity program, we were able to purchase a beautiful, safe, warm house. We moved in July first 2022 and have already made so many memories with friends and family. None of that would have been possible with out their help. We will be forever grateful to them. 

Please help this program continue. Sometimes all people need is a little help to make a huge difference in their lives. It certainly did for us.”

—  Martha & Richard Venne 

NeighborWorks Buyer Driven Program in Partnership with VHCB

“The shared equity program gave my family and I hope of owning our own home, we are very thankful for this program and encourage any first time home buyers or any family who just can’t come up with down payment to apply for this program, we are extremely thankful for every-thing, to everyone looking to buy in this crazy time don’t give up hope there is still good in this world, follow your dream.”

— Matthew Poro 

Contact NeighborWorks

Are you interested in talking with a NeighborWorks of Western Vermont representative about homeownership, education, lending, home repair, or home energy efficiency? Contact us!