FHA Home Loan Group will help you to access the leading home purchase program in the state. If you come from the East Coast, say Burlington or any other city of this great New England state, you may require FHA mortgage Vermont. There are different Area Median Income (AMI) levels for various counties which indicate the collective yearly earnings for residents of these particular regions. The highest for a single-family residence is $318750 for Burlington while the lowest for Addison goes to $271050. This is a reflection of the value of property in these areas as the following guidelines show:
Property Requirements in the State
If you intend to acquire a home via FHA mortgage VT, you need to meet these easy stipulations:
- The pricing value of this piece of property is within the AMI limits.
- The property is meant to be a residence rather than real estate.
- You do not have a foreclosed home. Though, if you have suffered foreclosure in the past, you can still apply again two years down the line.
Types of Properties to Select
Besides the above guidelines, FHA mortgage Vermont identifies these kinds of homes as the ideal ones for this program:
- Condominiums. These can also comprise certain town homes that have certifications of the Housing Department (HUD).
- Existing single to four-unit residences. These could have been built five years a go.
- Manufactured homes. These should have remained in the initial place where they underwent installation in order to qualify.
- Planned developments also pass eligibility after HUD inspection.
Who passes Qualification?
You can apply for this financing scheme if you meet the following details:
- You do not have any other liens or credit obligations that you have not fulfilled.
- You are intending to use the property as your primary residence.
- Your employment record dates back two years and has shown stability.
- You also need a credit score of 620 to secure FHA mortgage VT.
How to Apply for FHA mortgage Vermont
- 1. Submit your request and pass the pre-qualification criteria.
- 2. Find a lender with a competitive interest rate.
- 3. Gain approval from the Housing Department (HUD).
- 4. Settle the closing fees. We can coerce the seller on your behalf to settle 6% of these fees.
If you have an eye on property in this New England state, do not hesitate to apply for FHA mortgage Vermont. Experts at the FHA Home Loan Group will guide you on every step of the way including the types of homes that pass eligibility, ranging from condos to planned developments and townhomes. We can also help you negotiate a seller concession of 6% of the closing costs.
Call [888] 202-4479 for assistance.