does the NeighborWorks Alliance of Vermont
Vermont's five HomeOwnership Centers are certified providers
of the NeighborWorks® Full Cycle Lending curriculum.
Full Cycle Lending offers comprehensive services to homebuyers
of any income 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.
Alliance of Vermont offers a helping hand for as long as
Families work with their regional HomeOwnership Center for
months or years to achieve their goal of financially stability
and independence through homeownership. The assistance begins
long before the closing date, often before the home is even
located. After the closing, our homeownership counselors are
available during the following year for consultation if new
homeowners face challenges managing the new responsibilities
of home maintenance and financial obligations. If families
move to a different region, they may use their local region’s
HomeOwnership Center’s services as well.
buyers learn how to qualify for a mortgage
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 review their personal financial situations. Through
the workshop and counseling, they 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.
Alliance of Vermont links buyers with advantageous mortgages
Homeownership counselors have strong relationships with area
lenders and can give customers information about the most advantageous
mortgages and rates, and appropriately priced insurance plans.
Buyers learn about low-interest rehab or weatherization loans
and incentives for a property that needs repairs or energy
conservation. 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,
Why can’t many
Vermont families buy homes?