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Shared Equity Program

Multiple, Vermont

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Assistance

75%

Of the purchase price, as the program sets it

Income limit

120% AMI

Of area median income; varies by county and household size

Price cap

$426,000

Highest purchase price the program allows

Repayment

Shared appreciation

Settled on the terms set by the administering agency

What is Shared Equity Program?

Shared Equity Program is a shared-appreciation loan for homebuyers in Multiple, Vermont.

  • NWWVT's Shared Equity Program: permanently-affordable homeownership via below-market subsidized purchase price + perpetual deed-restriction covenant with 25% seller / 75% program appreciation share at resale. SHARED-APPRECIATION model. Up to ~120% AMI ($86K-$162.2K). Purchase price $275.5K-$426K. 640 FICO. Western VT. Buyer retains 25% of appreciation; program retains 75% to preserve affordability for next buyer in perpetuity.
  • NWWVT's Shared Equity Program creates permanently-affordable homeownership opportunities in Western Vermont. The buyer purchases a home at a BELOW-MARKET subsidized price - the program absorbs the gap between market value and the formula price (often $40,000-$100,000+ in subsidy upfront). In exchange, the home carries a PERPETUAL deed restriction (covenant running with the land) that controls resale price using a formula: typically the seller retains 25% of any market-value appreciation while the program retains 75% to keep the home affordable for the next income-eligible buyer. The 25% / 75% appreciation share is the program's defining feature - this is a SHARED-APPRECIATION model providing permanent affordability. Income limits up to approximately 120% AMI: $86,000 (1-person) to $162,200 (large household / higher-cost county). Purchase price tiers $275,500 (smaller / lower-cost units) to $426,000 (larger / 4-bedroom or higher-cost-county units). 640 FICO. Pre-purchase homebuyer education + one-on-one counseling required. Buyer also typically receives a 30-year fixed first mortgage from VHFA, USDA, FHA, VA, or a participating lender. Service area: NWWVT Western Vermont counties.
  • Funding comes from Federal, State, and Other.

How much assistance does it provide?

Shared Equity Program provides assistance worth 75% of the purchase price, as set by the program.

  • Buyer contribution: Buyer typically contributes a minimum of $1,000-$3,000 of own funds toward down payment / closing costs. Confirmed at counseling intake.
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Shared Equity Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

  • Repayment is triggered by PERPETUAL SHARED-APPRECIATION RECAPTURE: At resale, buyer receives original purchase price + 25% of any market-value appreciation + value of approved capital improvements. NWWVT (or successor steward) retains 75% of appreciation to subsidize the next income-eligible buyer at a formula price. NWWVT has right of first refusal and approves the next buyer (must meet income / occupancy / FICO criteria). Restriction is PERPETUAL (no expiration). On owner default / foreclosure, NWWVT has right to cure and step into the buyer's position to preserve the affordability covenant.
  • The assistance is recorded in Covenant position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Shared Equity Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: First-time-homebuyer requirement typical but may be waived for displaced workers, single parents, or buyers transitioning out of substandard / unaffordable housing. NWWVT counselor confirms at intake.
  • The home is occupied as a primary residence
  • On credit: 640 minimum FICO. NWWVT works with borrowers to credit-improve through counseling if needed.
  • A completed homebuyer education course, through NWWVT mandatory in-house homebuyer education + one-on-one counseling (HUD-approved). Shared-equity-specific orientation also required to ensure buyer understands resale formula and perpetual restriction.
  • Residency: Property must be located within NWWVT's Western Vermont service area: Rutland, Bennington, Addison, Windsor, Windham counties. Owner-occupied primary residence in PERPETUITY (perpetual covenant runs with the land).
  • Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays.
  • MUST AGREE TO PERPETUAL DEED RESTRICTION: Buyer signs a covenant (recorded on title, runs with the land in perpetuity) that controls resale price via the 25% seller / 75% program appreciation-share formula. NWWVT retains right of first refusal at resale and approves all subsequent buyers. Pre-purchase homebuyer education AND mandatory shared-equity-program-specific orientation required. One-on-one counseling required. Owner-occupied primary residence (no investor / second-home use ever - perpetual). Property must be located in NWWVT service area (Rutland, Bennington, Addison, Windsor, Windham counties). Income at or below 120% AMI ($86,000 1-person up to $162,200 larger household / higher-cost county). 640 minimum FICO. Maximum 45% DTI. Maximum purchase price $275,500 (smaller / lower-cost) to $426,000 (4+ bedroom / higher-cost). First-time homebuyer typically required. Buyer agrees to maintain property per NWWVT property-standards covenant.

The program excludes

  • Purchases above the $426,000 price cap
  • Households above 120% of area median income

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

What are the income limits?

Shared Equity Program limits household income to 120% of the area median income, which varies by county and household size.

  • Income limits up to approximately 120% AMI per HUD income tables for the applicable Vermont county and household size. Range: approximately $86,000 (1-person, lower-cost county) to $162,200 (8-person household, higher-cost county). NWWVT verifies at application using prior-year tax returns and current pay documentation.
  • The limit applies to total household income, not only the borrower’s.
  • The program lists a maximum household size of 8.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Shared Equity Program caps the purchase price at $426,000.

  • Eligible property types include Single-family detached, condominium, townhouse, manufactured home on permanent foundation, and other ownership unit types in NWWVT's shared-equity portfolio. New construction also developed by NWWVT in partnership with Vermont developers.
  • New construction is eligible.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Shared Equity Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Shared Equity Program serves buyers purchasing in Multiple, Vermont.

  • The program targets specific areas: NWWVT service area: Rutland County, Bennington County, Addison County, plus portions of Windsor and Windham counties in Western Vermont. Specific homes are added to the shared-equity portfolio as NWWVT acquires / develops them - inventory is limited and geographically distributed across the service area.

How do you apply?

Applications for Shared Equity Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NWWVT mandatory in-house homebuyer education + one-on-one counseling (HUD-approved). Shared-equity-specific orientation also required to ensure buyer understands resale formula and perpetual restriction..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Application via NWWVT shared-equity intake process. Limited inventory - NWWVT maintains a waitlist and matches qualified buyers with available homes as they become available. (802) 438-2303 / sharedequity@nwwvt.org., 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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