The program provides applicants with a deferred, zero-interest loan to help cover down payment and closing costs associated with the purchase of a new home. Borrowers do not need make any monthly payments on the MHDP Loan unless they decide to sell or transfer their home. 

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Manufactured Housing Down Payment Loan Program

Financial Assistance for Homebuyers in Vermont

In order to help individuals move from mobile homes into new, energy star rated houses, Vermont’s Champlain Housing Trust offers the Manufactured Housing Down Payment (MHDP) Loan Program. The program provides applicants with a deferred, zero-interest loan to help cover down payment and closing costs associated with the purchase of a new home.

Available Assistance
If borrowers choose to replace an old manufactured home with a new Energy Star Rated model, the loan amount is $27,500, and $35,000 if they purchase a Vermont High Performance Home (eligible in mobile park settings only). In both cases, all borrowers must qualify for a first mortgage, and be able to contribute at least $2,500 to the transaction from their own savings.

Borrowers do not need make any monthly payments on the MHDP Loan unless they decide to sell or transfer their home. The loan can even be assumed by the new owners of the home, as long as they are income-eligible and meet underwriting guidelines. Even when it is repaid, there is no interest charged on the loan.

Eligibility Requirements
There are certain requirements that all borrowers must meet if they wish to apply for the MHDP Loan Program. All applicants must have household incomes that fall under 120 percent of HUD’s Area Median Income (AMI). Their credit history and debt obligations will be considered in the application process. Additionally, applicants are required to complete a Homebuyer Education and Counseling course at a NeighborWorks HomeOwnership Center at one of the locations in Vermont.

Property Guidelines
Purchased homes can be located in any county within the state of Vermont, but cannot be secured in FEMA Special Flood Hazzard Areas. They must serve as the borrower’s primary residence and fall under the purchase price limit. All these homes must be permanently installed according to HUD and FEMA standards (when applicable), which include removal of wheels, hitch, and foundation requirements. A home inspection will be required to verify that the installation meets these standards, with costs covered by the borrower. 

Down Payment Grants in Vermont

The program provides applicants with a deferred, zero-interest loan to help cover down payment and closing costs associated with the purchase of a new home. Borrowers do not need make any monthly payments on the MHDP Loan unless they decide to sell or transfer their home. 

The Vermont Housing and Finance Association (VHFA) offers an ASSIST loan which can be used in conjunction with a VHFA mortgage. The ASSIST loan is designed to provide applicants purchasing their first home with up to $5,000 to help with down payment and closing costs.

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