Finance
The Vermont Housing Finance Agency (VHFA) primarily serves:
ALuxury home buyers with jumbo loans
BFirst-time and income-qualified homebuyers with affordable mortgage programs✓ Correct
CCommercial real estate investors
DOut-of-state vacation property buyers
Explanation
VHFA provides affordable mortgage financing programs primarily to first-time homebuyers and income-qualified Vermonters, helping to increase homeownership across the state.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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