It is never too early to start the pre-approval process. 

If you are thinking about purchasing a home in the next 6 months, plan to meet with your lender as soon as possible.  Being prepared with a Pre-Approval will eliminate delays when you start your search for a home.

Living Room

Primary Residence

A primary residence is the legal residence of the owner/borrower and which is intended to be used as a primary residence by the borrower within 60 days of closing.

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VA Loans

A no down payment/equity loan for eligible Veterans purchasing or refinancing a Primary Residence.

House Interior

Jumbo Mortgages

Fixed rates for 10 or 30-year terms and Adjustable Rates for 30-year terms for a loan amount above $424,100. Minimum down payment of 5-10% depending on loan size. Servicing of loan will stay with NEFCU after closing.

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FHA Loans

A low down payment/equity loan for purchasing or refinancing a Primary Residence with flexible underwriting and credit guidelines.

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Adjustable rate with 20 year amortization and 10 year balloon. Minimum 20-35% down payment depending on use of land.

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Fixed rate with 6-12 month term. Permanent financing available when construction is complete. Minimum 10% down payment.

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Investment or Non-Owner Occupied

Fixed and adjustable rate options with 10-30 year terms for 1-4 unit rental properties. Minimum 20-30% down payment.

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Second/Seasonal Properties

Seasonal properties are single family residential properties occupied by the owner and are not the legal residence of the owner/borrower.

Down Payment and Closing Costs

20% Down Payment

In this video, learn if a 20% down payment is a mortgage fact or myth.

Acceptable sources for down payment and closing costs:

  • Savings, checking, CDs
  • Sale of stocks and bonds
  • Tax refund
  • Sale of an asset (car, boat, motorcycle)
  • Borrowing from your 401K
  • Gifts from a relatives*

The cost of buying a home can be overwhelming. Minimum down payment requirements can range from 0-20% depending on credit score, type of property and loan program. Typically it is best to plan for a having a minimum 3 - 5% down payment plus closing costs before getting pre-approved.

*Certain restrictions apply that your loan officer will discuss

Your NEFCU Vermont Mortgage Team

Image of NEFCU Mortgage Loan Officer Annie Rogers
Image of NEFCU Mortgage Loan Officer Pete Nolasco
Image of NEFCU Mortgage Loan Officer Tim Donlan
Danielle Whitcomb
Image of NEFCU Mortgage Loan Officer Cindy Reichard
Image of NEFCU Mortgage Loan Officer Sara Wright
Image of NEFCU Mortgage Loan Officer Christine Guy

Mortgage Officer

  • Reviews income, credit, savings and loan programs
  • Issues pre-approval letter
  • Obtains copy of Purchase & Sales Contract
  • Orders appraisal
  • Submits loan to underwriting

Meet the Mortgage Officers

Mortgage Assistant

  • Keeps REALTOR® representing borrower updated on key dates regarding appraisal, loan approval, and closing dates

Mortgage Processor

  • Issues commitment letter to borrower after approval
  • Orders legal work for borrower
  • Works with borrower to meet conditions of loan approval
  • Schedules closing


  • Reviews loan documentation
  • Approves or denies loan based on program guidelines

Real Estate Agent

  • Obtains market information
  • Searches for home within price range
  • Negotiates Purchase and Sales Contract


  • Helps prepare Initial Closing Disclosure with lender
  • Performs 40 year title search
  • Closes the loan