VT Home Sales Update for September.

With Autumn and all its beauty, comes a more optimistic outlook in the VT real estate market as well.  According to recent statistics for Chittenden county real estate and the surrounding areas, our year-to-date numbers show a 7.25 % increase in closed units from the same time as last year.  The average price increased by 2.21% and the average days on market is currently at 128 days  with the average selling price of $264,400.

Homes for sale in the heart of Vermont’s beauty!

Fall has officially hit our state in a big fashion this year. The foliage season is lining up to be breathtaking once again as is far from over. As you visit our from home to home this fall, take the time to enjoy the beauty of our wonderful state and area.    The vistas are spectacular and we are truly lucky to live in such a wonderful place. Have you been thinking about making a move to country?  Take a look at these Vermont Country Homes For Sale or call us for a private tour.  If you are visiting our state this weekend, we welcome you and hope you enjoy your stay.  Here is a web site you may find helpful onVermont foligage updates and travel information to help coordinate your visit!

Mortgage rates are rocking the bottom.

Recently, we received a report that mortgage rates in general were hovering around the 4 % mark for 30-year loans and that VHFA, a first-time home buyer program, had reached a new low of 3.5 %; making home ownership even more affordable. If you would like some help in determining your options, please contact us or browse listings in Chittenden County VT that may qualify for the VHFA loan. 

The Importance of MID.

There’s no question we’re dealing with difficult issues when it comes to the future of our nation’s economy, but in the process, we must not lose sight of the values that helped make our country strong in the first place. Major changes to home ownership tax benefits like the mortgage interest deduction could adversely affect the wealth of middle-and lower income families and make it harder for them to achieve their dreams of homeownership. Two-thirds of all families who take the MID earn less than $100,000. Reducing or eliminating this crucial benefit would mean a tax increase for American home owners, who already pay 80 to 90 percent of U.S. federal income tax.

Taxing Issues.

Ask home owners in your community if they have ever taken the mortgage interest tax deduction, and what difference it made for them, if any, at tax time. For more information, fact and myths about the mortgage interest deduction visit http://economistsoutlook.blogs.realtor.org/category/mortgage-interest-deduction/. We welcome you to share your concerns with us on this topic at info@c21-advantage.com.

Accor ding to a recent article in the National Publication Rismedia, existing home sales in March were up 3.7 % nationwide. With that said, according to our Local Multiple Listing Service, home closings for the State of Vermont in the first quarter were down 28.31 % from the first quarter of last year. But the good news is that  the average days on market dropped a bit to 129 days. For  our Company comparing last years first quarter to this year we are ahead by 29.41%. Thus we are outperforming the state’s real estate average by 100%. We are excited about the opportunities provided to us and our wonderful referral network that we have from our customers and clients.  In this economy, hard work will determine who makes it and who doesn’t.  Contact us  if you would like to benefit from our 30 years of experience.

VA Loans in Vermont

VA Loans vs. Conventional Loans in Vermont.

A majority of Vermont homebuyers are stuck with one home financing option, which is a conventional loan. However, qualified military members have an outlet in VA loans. Both loan types cater to different needs of the homebuyer. However, there’s no telling which one suits you without knowing some of the main differences between conventional and VA loans in Vermont.

Qualified Vermont home buyers can receive no down payment loans.

Without question, the down payments are the most noticeable difference between the loan types. Due to the credit crunch and housing collapse, lenders expect down payments as high as 20 percent for a conventional loan. Vermont VA loans, on the other hand, come with a no down payment option to qualified borrowers. This means that Vermont residents can fully finance a home worth up to $417,000.

Vermont VA Loans offer no prepayment penalties.

Prepayment penalties are yet another notable difference. There are no prepayment penalties with Vermont VA loans. Prime mortgages do not always come with such penalties since borrowers can avoid them or never hear about the option. On the other hand, subprime mortgages are more likely to come with prepayment penalties. Agreeing to this penalty means getting a lower interest rate on a traditional loan, but prevents borrowers from paying at a faster pace.

Interest Rates on VA loans in Vermont are negotiable.

When it comes to interest rates, VA loans in Vermont come with negotiable rates. This is due to the Department of Veterans Affairs’ guarantee on up to 25 percent on every loan. Active-duty homebuyers get capped interest rates, and VA loan borrowers have refinancing options that can lower interest rates. Conventional loans set interest rates based on market fluctuations, the length of your loan, and the type of mortgage. Fixed-rate or adjustable-rate mortgages should be examined with a loan officer who truly understands your needs and financial capabilities.

Private Mortgage Insurance does not apply for VA loans.

VA loans in Vermont do not require private mortgage insurance, whereas conventional loans with down payments of less than 20 percent have this extra monthly cost. Although VA loans come with a VA funding fee that starts at 2.15 percent of the loan value for first-time borrowers in the program, there is an option to build this tiny cost into monthly payments. The fee keeps the program solvent, allowing other service members and veterans to capitalize on their VA loan benefit.

Check your eligibility for a Vermont VA Loan.

Not all military members are eligible for the program. Generally, if you fall into one of three groups, you may be eligible: 1.) Military members who served on active duty for 90 days during wartime or 181 days during peacetime. 2.) Reservists and National Guards members who served for at least six years. 3). Spouses of those who died in the line of duty or as a result of a service-related injury. Lending practices are more lenient for VA loans compared to conventional ones. Imperfect credit, a foreclosure or bankruptcy and debt-to-income ratios as high as 41 percent are acceptable.

To find out if you are eligible for a Vermont VA loan, complete a Certificate of Eligibility (COE).