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Guide to Vermont Mortgages
Maybe you are buying your first home in Vermont, or perhaps you're relocating to Vermont from another state. Then again, you may be a long-time Vermont resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Vermont home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Vermont:
The median price of a home in Vermont is $211,500. Recently, homes in Vermont have been appreciating at rates well above the national average. As a result, income levels in many parts of Vermont are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Vermont are below the national average, Vermont has one of the lowest levels of home affordability in the nation.
In Vermont, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Vermont's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Vermont law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Vermont law enacted a set of anti-predatory lending laws in order to help protect Vermont homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Vermont, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Vermont FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Vermont's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Vermont also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Vermont's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Vermont Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Vermont Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Vermont |
United States |
| Total housing units |
307,345 |
n/a |
| Owner-occupied housing units |
71.1% |
66.9% |
| Renter-occupied housing units |
28.9% |
33.1% |
| Vacant housing units |
19.0% |
10.8% |
| Average Home Value |
$173,400 |
$167,500 |
| Average Mortgage Payment |
$1,242.00 |
$1,295.00 |
| Average Rental Payment |
$484 .00 |
$388.00 |
| Total Population |
602,290 |
n/a |
| Percentage Male |
49.1% |
49.0% |
| Percentage Female |
50.9% |
51.0% |
| Median Age |
40.7 |
36.4 |
| Under 5 years |
5.4% |
7.0% |
| 18 years and over |
78.0% |
74.6% |
| 65 years and over |
12.8% |
12.1% |
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1 Year Market Value Change for Vermont |
| 1yr | 5yr | 10yr |
 |
|
Popular Vermont Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Barre |
9,291 |
$30,393 |
| Bennington |
15,737 |
$33,706 |
| Brattleboro |
12,005 |
$31,997 |
| Burlington |
38,889 |
$33,070 |
| Colchester |
16,986 |
$51,429 |
| Essex |
18,626 |
$58,441 |
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| Kittredge Mortgage Corporation |
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Kittredge Mortgage Corporation offers its services in Vermont, New Hampshire, Connecticut and New York. We provide exceptional customer service that establishes long lasting customer relationships, which fuels our business. Our company is based from three strong principles: reliability, strength and integrity. We had worked in the banking industry for several years developing a strong knowledge of what banking was all about. Over the years of working in local banks, we began to see a need to create a company expressly designed to handle mortgages. At that time we had 32 years of combined banking experience. Kittredge Mortgage Corporation has been able to last because we adapt well to change in the market. We have rolled with the punches that the mortgage banking industry has dealt over the years. It is this adaptability that has made our roots strong. Kittredge Mortgage Corporation is dedicated to helping people with their real estate financing needs. We are dedicated to giving our clients the best service. We offer integrity, reliability, strength and experience. We strive to offer the lowest rates possible by making it a point to keep up to date on current market trends and staying on top of the constantly changing field of finance. We offer many loans products; here are a few that we offer: Primary Homes, Second Homes, Investment Property, Fixed Rates, Adjustable Rates, Interest Only, Jumbo Loans, No Income, NO Asset, No Ratio Verification and High Debt/Blemished Credit. Kittredge Mortgage Corporation
P.O. Box 37 - 18 Bonnet Street
Manchester, VT 05254
802.362.4874 - Office
802.362.4975 - Fax Licensed Lender with the Vermont Department of Banking, Insurance, Securities and Health Care Administration
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| Summit Financial Center |
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In February of 2006, Summit Financial Center celebrated its 17th anniversary. Summit has built a strong reputation as an outstanding mortgage firm serving the lending needs of individual homebuyers, real estate professionals, and builders for the past 17 years. Summit Financial Center is a full service mortgage banker with an experienced staff offering expertise in every area of mortgage lending. We have access to a full range of mortgage sources and all of our mortgage specialists are dedicated to finding the right loan - with the best rates, terms and costs - to meet our clients' unique needs. Summit provides mortgage financing at competitive rates for the purchase or refinance of primary homes, second homes, and investment properties. We offer fixed and adjustable rate conventional loans, FHA, VA, Jumbo, and VHFA loans, as well as a number of 'niche' products such as no income verifier and no ratio loans. We understand that the purchasing a home or refinancing an existing mortgage is a huge obligation and with that obligation, a lot of stress can arise. With our helpful and knowledgeable staff members, we make ourselves accessible to answer any questions or address any concerns that you may have, that way the loan process is as easy, efficient and stress-free as possible. Summit Financial Center
112 Lake Street, P.O. Box 5300
Burlington, VT 05402
Ph: 802-863-0403
Fx: 802-863-4602 Summit Financial Center is licensed by the Vermont Department of Banking, Insurance, Securities, and Health Care Administration.
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| Jewell Mortgage Corp |
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At JEWELL MORTGAGE, getting a Vermont home mortgage has never been easier. We are your local, on-line mortgage source with over 25 years of local Vermont Banking Experience! Let our experienced staff provide you with practical ideas and options along with a no cost, no obligation Pre-Approval!!! We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. We rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs. Here is a list of loan options and programs that we provide: Fixed Rate Mortgages; 15 & 30 Years, Adjustable Rate Mortgages, Balloon Mortgages, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit and Home Equity Fixed Loan. Jewell Mortgage Corp
272 N. Main Street
Saint Albans, VT 05478
802.524.5088 - Office Phone
802.527.2105 - Fax
888.477.5561 - Toll Free We lend in the following state(s): VT Jewell Mortgage Corp., is a real estate broker licensed by the VT Dept of Real Estate License
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