1988 Astro County Manor Available in Hillside Manor Park, Starksboro

This home is on a slab and can be financed by VHFA! The rate as of March 19, 2009, is 7.5% (with 2 points--meaning an origination fee of about $400 due at closing). With buyer cash and a grant from the Vermont Community Loan Fund (VCLF) of up to $6,000, monthly payments would be about $160 over a loan term of 20 years. Lot rent in Hillside park is $247 as of April 1, 2009, so your total monthly housing costs would be barely $400 (including water; excluding other utilities and taxes.) Also, financing through VHFA exempts the buyer from paying the property transfer tax, which reduces your closing costs.

The National Bank of Middlebury also offers an in-house financing program for mobile homes. This program differs from the VHFA program in that the rate is lower (6.625% as of March 19, 2009), but the term is shorter--10 years as opposed to 20. The buyer is not required to pay any points, but the bank does require a 20% downpayment, which a VCLF grant could cover. The following table provides a quick comparison of the two programs.