Vermont FHA Loans

Right now is a great time to apply for an FHA home loan for anyone interested in relocating to Vermont. The Federal Housing Administration (FHA) has helped Americans afford new homes for over seventy years, and today they are helping more and more families by extending great benefits to those who qualify. These benefits are designed to help make the entire loan process as simple and affordable as possible, and to help individuals who would not otherwise be approved for a conventional loan. Here are the different types of mortgages currently available from the FHA:

Standard FHA Loan

The standard Vermont FHA loan is ideal for people looking to purchase a one to four-unit property that do not need any repair work done to it. With this loan, you will be able to qualify for up to 96.5% financing. This means you will only have to provide 3.5% for a down payment. Additionally, you won’t have to pay private mortgage insurance (PMI) and will be able to take advantage of low interest rates, making the overall cost of the loan much lower than conventional loans. The other benefits include streamline refinancing, easy approval and flexible repayment plans.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) rolls the cost of acquiring the house plus any upgrades into one mortgage. This is great for people who are eco-conscious or just want to lower their monthly bills. The upgrades done to the house can include things like installing a grey water system and weatherproofing doors and windows. Be sure to discuss all the potential upgrades you want to make with your lender.

203(k)

The 203(k) mortgage is a loan designed to help people who want to make major repairs to a property. If you were to take out a conventional rehabilitation loan, you would have to take out three separate loans, each with high interest rates and low amortizations. The 203(k) helps make this process much more affordable by rolling the cost of acquisition, repair work and projected final value all into one loan.

Get Started Today

Whether you are looking to obtain a standard FHA loan, an EEM or a 203(k), we can help. Take a minute to fill in our FHA home loan form to get pre-approved today. It’s free, fast secure and has no obligation.

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