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Down Payment Assistance Loan (NeighborWorks of Western Vermont)

NeighborWorks of Western Vermont (NWWVT) · Rutland, Vermont

Last verified
See what you qualify forOfficial program site →
Assistance

$50,000

The maximum the program publishes — not an offer

Repayment

Repayable

Repaid on the terms set by NeighborWorks of Western Vermont (NWWVT)

What is Down Payment Assistance Loan (NeighborWorks of Western Vermont)?

Down Payment Assistance Loan (NeighborWorks of Western Vermont) is a repayable second loan for homebuyers in Rutland, Vermont, administered by NeighborWorks of Western Vermont (NWWVT).

  • A second-mortgage down payment assistance loan of up to $50,000 (or 20% of purchase price, whichever is lower), available to all qualified borrowers in Vermont. Structured as a 15-year fixed-rate loan at 2% above the first-mortgage rate, paired with a partner lender for up to 100% financing with no PMI. Can combine with VHFA ASSIST and Freddie Mac Home Possible Advantage.
  • Up to $50,000 (or 20% of purchase price); avoids 20% down and eliminates PMI; up to 100% financing via partner lenders; no prepayment penalty; layerable with VHFA ASSIST.
  • Funding comes from NeighborWorks of Western Vermont (VT Licensed Lender #6200, NMLS #194008).

How much assistance does it provide?

Down Payment Assistance Loan (NeighborWorks of Western Vermont) offers up to $50,000 in assistance.

  • Award tiers: 15-year term; rate set at 2% above the first mortgage rate; up to $50,000 or 20% of purchase price, whichever is lower.
  • Amounts are the program's published maximums, not an offer — NeighborWorks of Western Vermont (NWWVT) determines any individual award.

Do you have to pay it back?

Down Payment Assistance Loan (NeighborWorks of Western Vermont) is a repayable second loan and is repaid under the terms set by NeighborWorks of Western Vermont (NWWVT).

  • Repayment is triggered by Amortizing 15-year repayment (monthly payments).
  • The assistance is recorded in Second position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Down Payment Assistance Loan (NeighborWorks of Western Vermont) is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • A completed homebuyer education course, through NeighborWorks of Western Vermont HomeOwnership Center
  • Distinct agency from VHFA 'Down Payment Assistance Loan' already in catalog. DPA rate variable (1st-mortgage rate + 2%). Income limits not stated ('all qualified borrowers').

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

Where does it apply?

Down Payment Assistance Loan (NeighborWorks of Western Vermont) serves buyers purchasing in Rutland, Vermont.

How do you apply?

Applications for Down Payment Assistance Loan (NeighborWorks of Western Vermont) go through NeighborWorks of Western Vermont (NWWVT), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NeighborWorks of Western Vermont HomeOwnership Center.

  2. Contact NeighborWorks of Western Vermont (NWWVT) to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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