All VHFA loans are underwritten to standard conventional or government credit policy guidelines and are paired with Fannie Mae, Rural Development, FHA or VA products. The Participating Lender is responsible for the credit and collateral underwriting and salability.
Participating Lender must possess and maintain appropriate licensing to originate mortgage loans in Vermont.
Participating Lender must have origination staff physically located in Vermont for a minimum of 12 consecutive months with production volume of at least $10 million in mortgage loan originations.
Participating Lender must maintain approval for all of the following to offer VHFA programs:
- VHFA
- U.S. Bank
- Fannie Mae
- Ginnie Mae
Participating Lender is responsible for table-funding the down payment assistance and will be reimbursed upon post-closing approval.
Participating Lender must comply with annual performance requirements including:
- Fully fund and sell a minimum of 5 VHFA first mortgage loans in a calendar year
- Ensure that origination and support staff attend annual program and process training; these training sessions are scheduled throughout the year and conducted online or in person