Jay Vallieres Is Your Financial Advisor For Home Loans

Jay Vallieres Is Your Financial Advisor For Home Loans

Conventional Loans
VA Home Loans
FHA Loans
Jumbo Mortgages
VHFA loans


Construction Loans Fact Sheet

Conventional Loans

Conventional loans include Fixed-Rate and Adjustable-Rate Mortgages for loan amounts up to $417,000 for single family homes in Vermont. Advantages of a Fixed-Rate Mortgage include a fixed principal and interest payment over a period of time. A fixed mortgage term can be 10, 15, 20, 25 or 30 years in length.  An advantage of an Adjustable-Rate Mortgage (ARM) is a lower introductory payment. This fixed period can be 3, 5, 7 or 10 yrs in length.  After the introductory period is completed, the rate can adjust up or down either yearly OR on a semi-annual basis for the remainder of the term. ARMs are ideal for borrowers anticipating moving in a fixed payment period or with shorter term ownership plans.

Vermont Counties 1 Unit 2 Unit 3 Unit 4 Unit
Conforming Mortgage Limit $417,000 $533,850 $645,300 $801,950


VHFA Home Loans

Vermont Housing Finance Agency loans offer flexible down payment requirements and reduced closing costs for Vermont home buyers. First-time home buyer requirements exist in some counties, and income and purchase price restrictions apply.  VHFA offers conforming, FHA, and RD insurance.

Jumbo Mortgages

Jumbo Mortgage – A jumbo mortgage, also referred to as a non-conforming loan, is a mortgage that exceeds Fannie Mae and Freddie Mac’s maximum mortgage amounts. The interest rate charged on jumbo mortgage loans is generally higher than a loan that is conforming, due to the higher risk to the lender. The spread, or difference between the two rates, depends on the current market price.

Construction Loans

If you’re interested in buying a newly built home in a development or building a custom home from the ground up, contact me to learn more about your construction financing options. People’s United Bank offers building acquisition and development loans intended for short-term construction financing.

VA Home Loans

A Veterans Administration loan is backed by the Veterans Administration and the Federal government. It is similar to a FHA loan, except that you have to be a qualified veteran or military personnel. VA loans allow qualified borrowers to purchase a home with a 0% down payment.

FHA Home Loans

A Federal Housing Administration mortgage is backed by the Department of Housing and Urban Development, HUD. This mortgage offers the borrower the ability to contribute as little as 3.5% of the purchase price. All of the down payment can also be ‘gift money’ from a family member, thus allowing a borrower with only a small amount of personal savings to purchase a home. The seller can contribute up to 6% of the purchase price to the buyer's allowable closing costs and pre-paid expenses. FHA loans are ideal for those borrowers who may have limited down payment resources, and/or an acceptable, but less than perfect credit score, or limited credit history.  Borrowers can use FHA to purchase 1 to 4 unit properties.

For informational purposes only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Approval and APR based on underwriting guidelines. All rates and terms subject to change. For variable rate loans, rates subject to increase after closing.

What Clients are Saying

"This refinance is my second transaction with jay due to great service. I will be sure to refer everyone I know."

Eric, Milton, VT

"Thank you so much for your patience and hard work on our Refinance!"

Tracy and Jason, Hinesburg, VT

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Professional Associations

Quick Contact

Contact: Jay Vallieres
AVP, Mortgage Account Officer
NMLS License #: 194574
E-mail: Jay.Vallieres@peoples.com
Phone: 802.652.0216
Fax: 855.552.6976
Office Address:
People's United Bank
99 Dorset St
South Burlington, VT 05403