First Step in Process
I’m interested, what is my first step to begin the process?
Review MHIP Eligibility Requirements to find out if you are qualified, then follow the Homebuyer Journey Checklist to start your pathway to affordable homeownership in Vermont.
Submitting Documents
What documents are required and how or where do I submit them?
For more information on requirements, please refer to the Homebuyer Journey Checklist where the list of documents are required, and a timeline for submitting those documents.
Eligibility Status
Will I be notified about my eligibility status and, if so, when?
You will be notified of your eligibility status within 10 days of submitting the MHIP Interest and Eligibility form.
Approved
How will I know if I am approved for a home?
When you have met all the program requirements and signed the Purchase & Sales Agreement and provided a deposit, you are approved for the home contingent on obtaining financing and closing. The home status will change from Available to Under Contract. Once all contingencies are removed, the home status will change again from Under Contract to Pending. After closing, home will be changed from Pending to Sold.
Process Timeline
How long does the process take?
It depends. The process can vary greatly based upon a variety of factors including your personal financial situation and your readiness to purchase a home. The average range from interest to home closing is usually between 60 and 120 days. Once you sign a Purchase and Sales Agreement, you will have a maximum of 75 days to complete the closing.
Waitlist Process
Is there a waitlist for expressing interest in purchasing a home?
Yes. Once pre-qualified by a lender, interested buyers can be placed on a list for the community they are interested in and contacted if a unit is, or will be, available in the area where they wish to purchase a home. Homes can only be held once the deposit is received and there is a signed Purchase and Sales Agreement. This home will be marked as Under Contract on the MHIP website. Three “back-up homebuyers” will be allowed for any home Under Contract.
Prequalification
What is mortgage prequalification?
When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. Prequalification is also an opportunity to learn about different mortgage options and work with your lender or lenders to identify the right fit for your needs and goals.
Please Note: You may qualify to borrow more money than you are comfortable spending on a home. But that doesn't mean you have to spend more. It's a good idea to limit your home search to houses priced at an amount you can comfortably afford. Also, expect surprises! Lenders look at every detail of your finances when granting preapproval. You might be asked about a car loan payment you made with a credit card, for example. Financial lenders may ask lots of clarifying questions allowing them to be accurate and complete when preparing financial documents. Be prepared to answer lender questions as soon as they come up.
Down Payment Assistance
Is down payment assistance available?
Not through MHIP; but some financial lenders and non-profit organizations may offer down payment assistance, favorable mortgage interest rates or reduced closing costs. See Resources for additional information on financial assistance opportunities.
Own Property
Can I purchase the home and place it on my own property?
No. These homes will be placed in participating mobile home communities and acceptance by the community as a resident is a requirement of the program. Please see Eligibility Criteria
Rental Property
Can I rent “Rent-to-Own?
No. The full purchase price of the home is due at closing. Please see Eligibility Criteria