We Have The Loan You Need.
There are many situations, many solutions. Our lending specialists have the experience to help guide you and the tools to make many dreams possible. From fixed rate, adjustable rate, USDA/RD, construction loans to options for first time homebuyers, we work hard to find the perfect fit for you.
USDA (Rural Housing)
With flexible requirements, USDA loans feature:
- 100% financing + required guarantee fee = 102% of the appraised value
- Low FICO score requirements
- Low interest rates
- Low closing costs
- Gift funds can be used for closing costs
- 30-year, fixed-rate mortgage
USDA Loan Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medial income for the area
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
VA Loans
Welcoming Veterans Home. Thank you for your service!
The Bank of Bennington is proud to help our Service Members and Veterans achieve the American Dream of homeownership.
Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.
VA Loan Highlights
A benefit to a VA home loan is low to no down payment* allowing you to preserve your savings. Other benefits to a VA home loan include:
- 100% financing with full VA entitlement*
- No private mortgage insurance (PMI)
- No prepayment penalties
- 100% financing with full VA entitlement*
- VA financing fees can be “rolled” into the loan amount
- Fixed- and adjustable-rate mortgages
- VA financing fees can be “rolled” into the loan amount
- Variety of eligible property types, including townhomes and VA-approved condos /p>
Eligibility
In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on length of service or service commitment, duty status and character of service.
Fixed Rates
Secure Your Financial Future
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Depending on the loan type you can select a loan term that best suit your financial goals, 10,15,20,25 or years. While the lower term typically is a lower interest rate the payment is higher which means you are building equity in your home faster.
Fixed-Rate Mortgage Highlights
If you plan on staying in your home for a long time, a fixed-rate mortgage might be the right solution for you. Fixed rate mortgages provide the following benefits:
- Consistent monthly principal and interest payments and interest rates
- Protection from rising interest rates
- Different term length options
- Mortgage tax interest deduction*
- Different term length options
*This does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
Adjustable Rate Mortgages (ARM)
Providing Flexibility for Homeowners
An adjustable-rate mortgage (ARM) is a term option with an interest rate that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are likely to increases or decrease based on market fluctuations, which can also impact the monthly payment.
Adjustable-Rate Mortgage Highlights
An ARM might be a good fit for you in you do not plan on staying in the home for a long period of time. Consumers who plan on selling their home within 5-7 years take advantage of an ARM since the initial introductory rate tends to be lower.
- Highlights of an adjustable-rate mortgage include:
- Lower initial monthly principal and interest payments
- Rates and Payments may decrease based on the index rate/p>
Land Loans
Lots of Lots?
Looking to purchase a piece of real estate to eventually build the home of your dreams on? Contact a mortgage specialist today to discuss our affordable land loan program.
Construction Loans
Building Your Dreams?
Whether you want to build a new home or add a new addition to accommodate your growing family, we have specific construction loans to make that dream a reality. Construction loans are unique and are not like standard mortgage loans. They require additional lender participation throughout the entire construction project. Let our experienced mortgage specialists assist you.
- Purchase Rehab loans with as low as 5% down
- Manufactured Homes
- Grant Funds for down payment and or closing costs as available
Renovation Loans
We see your vision!
You have found a house that you can vision as your dream home with a little TLC. With a renovation loan, you can roll in the cost of renovations– saving you time and money. Getting you into your dream home sooner!
Grant Funds
Limited closing costs or down payment? No Problem
Home Equity Loans and Lines of Credit
Use the Value in Your Home
If you already own a home, Home Equity Lines of Credit and Home Equity Loans are two options for putting the equity in your home to work for you. The equity that you’ve built is a financing vehicle for such things as:
- Making Home Improvements
- College Education
- Buying a New Car
- Purchasing a Second Home
- Debt Consolidation
- Starting a New Business
Our Lending Specialists can explain the nuances of each loan but essentially, with a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card.
Medical and Legal Professionals Mortgage Program
The Bank of Bennington understands the unique financing needs of doctors, attorneys and pharmacists. We have mortgage options to accommodate those unique needs by utilizing expanded underwriting guidelines.
Jumbo Mortgages
GO Big
A jumbo loan, or non-conforming mortgage, allows you to purchase a more expensive home, whether it be your primary home or your dream second home with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $424,100.
Jumbo Loan Highlights
A jumbo mortgage might be the right fit for you if you have a low debt-to income ration and a higher credit score.
Highlights of non-conforming loans include:
- Higher purchase limits allow borrower to purchase more house
- Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
- Convenience of one loan for the entire loan amount
- Fixed-rate or adjustable-rate mortgages (ARM)
Need to move along fast? Ask us about our 21-day closing program!
Apply Online
Applying online is as easy as 1-2-3. You can apply now in as little as 20 minutes.
- Complete the application.
- Once done, your information will be reviewed for instant online approval.
- A Loan Specialist will follow up to answer your questions.
Our goal is to provide the highest level of service at competitive rates. Our Loan Specialists are only a phone call away if you need help. Contact us at 802.442.8121 or Toll Free at 800.216.1103 or see below for other options.
View Our Current Mortgage Rates
Get Pre-Qualified!
Haven’t found the perfect house yet? Applying for a mortgage loan before you find a home may be the best thing you could do! Apply for a home mortgage now and we’ll issue an approval for a mortgage loan now with no obligation. Upon review, you will receive a pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make.
When you find the perfect home, you’ll simply call your Loan Specialist to complete your application. You’ll have an opportunity to lock in our great rates and fees then and we’ll complete the processing of your request.
Contact a Loan Specialist
Wendy Chenaille
Assistant Vice President
Loan Origination
Bennington, Main Branch
NMLS ID#: 485471Ph: 802.445.7938
[email protected]
