How does the NeighborWorks Alliance of Vermont
help low and moderate-income families?
Vermont's five HomeOwnership Centers are certified providers of the NeighborWorks® Full Cycle Lending curriculum. Full Cycle Lending offers comprehensive services to homebuyers from the initial stages of purchasing a home followed by on-going support after purchase. The NeighborWorks Alliance of Vermont is available throughout the process to assist customers with securing a mortgage, providing low-interest rehab loans, planning for maintenance and repairs, budgeting as a homeowner, dealing with unforeseen difficulties, refinancing, and even working through foreclosure avoidance, if necessary.

NeighborWorks Alliance of Vermont offers a helping hand for as long as it takes
Families work with their regional HomeOwnership Center for six months to six years to achieve their goal of being financially stable and independent. The assistance begins long before the closing date, often before the home is even located. After the closing, our homeownership counselors check in with customers during the following year to make certain they are managing the new responsibilities of home maintenance and financial obligations. If families move to a different region, they may use the local HomeOwnership Center’s Full Cycle Lending services as well.

First-time buyers learn about pre-application qualification
In some regions, customers attend an orientation or informational meeting before registering for a homebuyer education workshop. Each customer must receive 8-hours of homebuyer education by participating in a regularly scheduled workshop. Following the workshop, customers meet individually with a homeownership counselor to discuss their personal financial situations. Through the workshop and counseling, they learn how to determine the house price and mortgage they can afford. To qualify for a mortgage, buyers work with individual homeownership counselors to budget for savings, reduce consumer debt, or to clear up credit problems.

NeighborWorks Alliance of Vermont helps buyers obtain mortgages
Homeownership counselors give customers information about the most advantageous mortgages and rates, and appropriately priced insurance plans. Buyers learn about alternative down payment products, financial assistance for closing costs, and low-interest rehab loans as well as coordinate rehabilitation of the property. The Centers can help buyers find and evaluate a house that is right for them, order a property inspection, negotiate a purchase and sales contract, and offer advice with mortgage application paperwork.

Customers are assured long-term success as homeowners
During the year following a customer’s home purchase, homeownership counselors follow up to make sure customers are becoming stable homeowners. The counselors offer guidance on continuing strong budgeting practices. Centers also offer workshops of interest to homeowners, such as home repair, landscaping, and refinancing.

Why can't these families buy homes?