Vermont Mortgage Loans

Griffin Funding extends our expertise and services to every corner of Vermont, from the big cities to the tucked-away rural towns. Here are just a few of the areas we serve:

• Burlington
• South Burlington
• Rutland
• Barre
• Montpelier
• Winooski
• St. Albans
• Newport
• Vergennes
• Essex Junction

Griffin Funding simplifies the mortgage process, offering a variety of Vermont mortgage types to meet your unique needs and circumstances. Whether you’re an entrepreneur, business owner, retiree, veteran, investor, first-time buyer, or seasoned homeowner looking to tap into their home equity, we have a home loan for you.

Here are a few of the Vermont mortgage loan options we offer:

• VA loans: For former and current military members and qualifying spouses, VA loans offer favorable terms and don’t require a down payment.
• Bank statement loans: These loans are ideal for self-employed individuals, business owners, entrepreneurs, and those with seasonal income. Bank statement loans allow lenders to use your bank statements to verify income, offering more flexibility and convenience.
• DSCR loans: Debt service coverage ratio (DSCR) loans are investment property loans that determine your ability to repay the mortgage based on the property’s rental income potential.
• Conventional loans: These traditional mortgage loans are widely offered by banks and lenders. They require a significant down payment of 20% to avoid private mortgage insurance (PMI) but come with more flexible loan terms.
• Asset-based loans: This non-QM mortgage loan converts your liquid assets into cash to determine your ability to repay the Vermont mortgage loan.
• USDA loans: Backed by the USDA, these loans offer affordable housing options for eligible rural and suburban home buyers who don’t exceed income limits. They often feature competitive mortgage interest rates and reduced down payment requirements.
• FHA loans: FHA loans are popular among Vermont first-time home buyers, although seasoned homeowners can also use them. They offer low down payment options (starting at around 3.5% of the purchase price) and flexible qualification criteria.
• Home equity loans: Also known as second mortgages, home equity loans (HELOANs) allow homeowners to tap into the equity they’ve built in their homes and use it for home renovations, debt consolidation, investments, or any other major expenses.
• ITIN loans: ITIN loans are designed for non-US citizens who don’t qualify for conventional loans because they don’t have a Social Security number. Instead, they’ll use their individual taxpayer identification number (ITIN) to verify their identities.

Mortgage rates fluctuate daily. While these changes may seem beyond your control, there are steps you can take to improve your chances of securing a favorable rate. Getting a good mortgage rate in Vermont can help you save more over the life of the loan. The lower your interest rate, the less you’ll pay in interest, potentially saving you thousands of dollars. Here are a few ways to get the best Vermont mortgage rates:

• Improving credit score: The better your credit profile, the higher your credit score. This directly translates to lower interest rates because you’ve demonstrated to Vermont mortgage lenders that you responsibly repay your debts.
• Paying off debt: Mortgage companies in Vermont prefer borrowers with lower debt. Paying down existing debt can improve your debt-to-income (DTI) ratio and increase your odds of qualifying for a home loan in Vermont.
• Choosing the right type of loan: Research your loan options to determine whether fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans offer the best interest rate based on your financial situation.
• Making a bigger down payment: Providing a larger down payment upfront reduces your total loan amount, which can lead to lower interest rates and increased savings over the life of the loan.
• Buying mortgage points: Paying upfront for mortgage points can lower your interest rate, allowing you to start saving immediately.
• Compare multiple lenders: Shopping around and getting quotes from multiple mortgage companies in Vermont can help you compare interest rates and terms, ensuring you get the best rates possible.
• Lock in your rate: Once you’ve found a fair mortgage rate, consider locking it in to protect against potential rate increases while you complete the loan process. Rate locks typically have expiration dates, so be sure to finalize your loan before the lock expires!

The Vermont Housing Finance Agency (VHFA) offers a range of programs tailored to buyers of all types. These programs offer financial assistance and incentives to make homeownership more attainable. However, VHFA programs often have income limits that vary depending on the county, so not everyone is eligible.

• Advantage: The Advantage program is available to all eligible Vermont home buyers purchasing a primary residence and offers low down payment options and reduced mortgage insurance with a conventional loan.
• Move MCC: This program is also available for all Vermont home buyers for primary residence purchase, not just first-time buyers, and offers low down payment options, reduced mortgage insurance, and a potential for a federal tax credit for mortgage interest payments.
• ASSIST: ASSIST is a Vermont first-time home buyer-only program available to borrowers using a Vermont Housing Finance Agency program. It offers up to $15,000 for down payment or closing costs as a 0% interest loan borrowers repay when they sell the property, refinance the home, or pay off the mortgage loan.

Securing a mortgage in Vermont doesn’t have to be complicated. Griffin Funding offers a range of mortgage options just for you. Whether you’re a first-time buyer, investor, or entrepreneur, we provide a personalized and seamless experience throughout the mortgage process. Download the Griffin Gold app today to conveniently track your mortgage and upload documents while managing your finances.

Ready to start the mortgage process? Complete the application online today or call us to learn more about your options.