Lisa DiBernardo – Sr. Loan Officer – Vermont Mortgage Group LLC, NMLS #2551442
I’m very happy to explain everything to you—that’s part of what I do. If you want to get up to speed with some terminology, here are some common ideas.
purchasing or refinancing land? We have you covered with a land loan program to purchase or refinance open land, or for land development (land you are planning on building on).
This 15 year term is a fixed-rate loan and down payments range from 25% - 35%.
perfect for the self-employed or 1099 borrower for purchase or refinance of 1-4 unit primary residence, or investment property and 1 unit second home. Loans from $100,000 to $2 million.
12 - 24 months of bank statements are provided to the Lender where Underwriting reviews and determines the qualifying business deposits that will be utilized to calculate income.
for 1-4 unit Investment Property this loan does not require income verification. Instead the Lender calculates the rental income and monthly housing costs to qualify. Underwriters consider a number of factors to determine qualification including usage of funds, credit score of borrowers, number of units, gross rents and other.
for a Purchase or No-Cash-out Refinance of a 1-4 unit conventional loan for Primary Residences, 1 unit second home or 1 unit investment property to finance renovation costs.
is a fully amortizing mortgage loan where the interest rate and payment remain the same through the life of the loan. Terms from 15-30 years.