Primary Residence A primay residence is a 1-4 family residential property that is accessible and occupied year round by the owner/borrower and is the legal residence of the owner/borrower and which at the time of making the loan is used or intended to be used as a primary residence by the borrower within 60 days of closing.
Second Home A second home property is a one family residential property accessible throughout the year and is not the legal residence of the owner/borrower. Rental income cannot be used for qualifying.
Investment or Non-Owner Occupied Property An investment or non-owner occupied property is a 1-4 family residential property owned and maintained as rental or investment property.
Mobile Home Loans are available for homes on owned land or in a park. A mobile home on owned land is eligible for our residential programs; there are other programs for a home being financed in a park. The mobile home must be dated 1976 or newer.
Seasonal Properties Seasonal properties are single family residential properties occupied by the owner, accessible and usable only during a portion of the year, serviced by normal utilities and waste disposal systems and are not the legal residence of the owner/borrower. Rental income cannot be used for qualifying.
Land Loans are available for property that will become a primary residence in Vermont. There is a maximum loan-to-value of 80% of purchase price or appraised value, whichever is less, and an acceptable perk test is required. The loan is a 10 year balloon/variable amortization up to 20 years.
