Finance
Which Vermont agency provides below-market-rate mortgage financing to qualifying first-time homebuyers?
AVermont Agency of Commerce and Community Development
BVermont Housing Finance Agency (VHFA)✓ Correct
CVermont Department of Financial Regulation
DVermont Housing and Conservation Board (VHCB)
Explanation
The Vermont Housing Finance Agency (VHFA) offers below-market mortgage loans and down payment assistance to qualifying first-time homebuyers. VHCB focuses on affordable housing preservation and conservation land acquisition.
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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.
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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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