Mortgage Loan Programs

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Vermont Federal Credit Union can take the mystery out of buying a home. We offer a full range of mortgage loan products. At Vermont Federal our goal is to provide you with an easy, convenient process with a local lender. Our Mortgage Officers are here to help you every step of the way.

Purchasing a Home?

There's a lot of information to learn when purchasing a home. If you're confused about where to begin or how to get the right information, Vermont Federal can help. We offer fixed or adjustable financing for single family homes and 1 - to - 4 unit properties with special programs for first - time homebuyers. Choose the mortgage that's right for you.

Refinancing your Home?

Refinancing your primary residence, second home or investment property is a great way to take advantage of today's low interest rates. Vermont Federal offers a range of mortgage options that may lower your payment, allow you to use your equity to consolidate debt or do those home improvement projects you have on your list.

Mortgage Options:

Fixed Rate Mortgages

A fixed rate mortgage loan is a loan where the interest rate remains fixed for the life of the mortgage loan. The rate may be a bit higher than adjustable rates but the homebuyer has a predictable fixed monthly principle and interest payment. There are a variety of fixed rate programs with terms of 30, 25, 20, or 15 years with rates that can vary depending on the fees paid at the time you close the mortgage loan.

Adjustable Rate Mortgages (ARMS)

Adjustable rate mortgage programs have a starting rate that may offer a lower rate than the fixed rate programs. The interest rate and payment will adjust depending on the terms of the mortgage. For example a 3/1 adjustable is fixed for the first three years and then the interest rate and payment may adjust yearly for the remainder of the loan.

First-Time HomeBuyer Program

Vermont Federal is a Vermont Housing Finance Agency (VHFA) participating lender. VHFA offers attractive mortgage programs for first-time homebuyers in Vermont. Income and price limits are in place for VHFA programs; contact a mortgage loan officer today at 1-888-252-0202 X2002 for program information and to see if you are eligible.

Construction Loans

Vermont Federal's construction-to-permanent loan is the conversion of a construction loan to a traditional mortgage loan after the construction is complete.

Features:

• Available only on primary residences
• Construction term is six - eight months
• Involves only one closing with modification documents signed at the time the construction is complete
• Maximum loan - to- value is 80% based on the lesser of the appraised value or full purchase price as documented by the cost of the land and contracts to build