mortgage options in VT for a surgical resident?

Asked by Dave, Burlington, VT Tue Feb 24, 2009

I wanted to see if anyone had any tips about obtaining a mortgage in Vermont for a surgical subspecialty resident. A few banks offer doctor loans with no PMI, no money down, and they don't count medical school debt against you (as it can be deferred during residency) when determining the amount they will loan you for purchase of a house/condo. This is b/c we are good financial risks with great future earning potential. Unfortunately, I have been unable to find any such offers in VT. Currently, I have enough to make a 10% downpayment but if my med school debt is counted in my debt ratio it is unlikely I would qualify for a mortgage. I know if I had 20% then PMI is no issue and I can get a loan easily. I wanted to see if anyone had any suggestions. My understanding is 80-10-10s are a thing of the past. Additionally, the loan would be for 6 yrs so a 5 yr ARM is less attractive.

Help the community by answering this question:

+ web reference
Web reference:


Ruth Kempsey, Home Buyer, Feura Bush, NY
Sat Aug 25, 2012
Try Merchants Bank, the only bank to my understanding that does not sell their mortgages but keeps them right here in Vermont. My experience is that they go to all lengths to help Vermonters.
0 votes
Favor Proper…, Both Buyer And Seller, Essex Junction, VT
Thu Nov 3, 2011
Hi Dave,
I am an investor in the Burlington, VT area and I would be able to help you based on the criteria that you have enumerated. You can contact me.

Chris Asanya,
Favor Properties, LLC
P.O Box 5231,
Essex Junction, VT 05453
0 votes
Dave, Home Buyer, Burlington, VT
Wed Feb 25, 2009
Thank you all for your input. I have not heard of the USDA rural financing option . . . not sure if that is available in Burlington as its probably the least rural area in VT but I will check. For what it's worth I spoke with a mortgage broker at bank of america who offers the doctor loan about getting one in VT. Unfortunately, they have no offices in VT and their closest office in NY is 67 miles away (if it was 50 or less they said they could do it). I am at Fletcher Allen and I have spoken with a mortgage broker at New England Federal credit union as I thought they would be my best bet. They said if I had 20% down they would have no problem getting me a mortgage for the max based on my salary but without 20% down I would need PMI and that my med school debt would be counted against me in my debt ratio . . . which would make it impossible to qualify. It's slightly frustrating that I have great credit, a stable job but because of my medical school debt (which is deferred during residency) and specifically living in VT I am having trouble finding an adequate mortgage. I will have to check with some of the other brokers that were mentioned to see if any of them have any good offers. Thanks again for all the input I greatly appreciate it.

0 votes
Adam Hergenr…, Agent, South Burlington, VT
Wed Feb 25, 2009
Hi Dave,
If you are going to be at Fletcher Allen Health Care in Burlington I would call New England Federal Credit Union at 800-400-8790
because they are the bank associated with the hospital. I think they have the program you are talking about. My brotehr in law is a cardiologist and got that type of loan at Glenns Falls National in NY for his move to the Plattsburg. I hope this helps! Let me know if you have other questions. Thanks, Sarah
0 votes
Aaron Chiara…, Agent, Colchester, VT
Wed Feb 25, 2009
You can contact the mortgage brokers below to see if they have a program that might fit for you. Each person will have different programs that may be able to accommodate what you are looking for. Please let me know if you have any further questions.

Nick Parent- Spruce Mortgage: 802-863-5102

Mark Chaffe- Mortgage Financial: 802-658-5599

Mike Languasco- Chittenden Bank: 802-660-7460

Cherise Teeson- New England Federal Credit Union: 802-879-8737

Kelly Deforge- Universal Mortgage: 802-654-7896


0 votes
Marty S, , Irvine, CA
Wed Feb 25, 2009
Most of VT is eligible for USDA Rural Finanicng, which offers 0 dwon and NO PMI. You need to sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more