Law Offices of Fred Peet
Fred Peet
June 2021
The Law Offices of Fred Peet Representing buyers and sellers throughout Vermont

FHA, VA or USDA: Which One Is Better?
There are two basic types of mortgage loan programs, conventional and government-backed. A conventional loan is one where the issuing lender assumes the risk of making the mortgage. Should the loan ever go into default and the lender is forced to foreclose, the lender is on the hook for the entire loss. There is in fact private mortgage insurance used for low down payment conventional loans, but the insurance policy only covers the difference between 80% of the value of the property and the actual down payment. With a 5% down payment, 15% of the loan amount will be covered.
      Not so with government-backed loans. These loans are FHA, VA and USDA. So, given these three choices which one
Mortgage Rates
U.S. averages as of June 2021:

30 yr. fixed: 2.95%
15 yr. fixed: 2.27%
5/1 yr. adj: 2.59%

one is best? The answer is each one is best given the proper scenario. Let’s look at the first choice, the FHA loan. This is a program from the Federal Housing Administration. It’s highly

How to Get Ready for an Open House as a Seller
     For the past year, open houses weren’t really happening throughout most of the country because of the pandemic. Now that vaccines are available and slowly, the country is starting to return to a sense of normalcy, there may be an uptick in open houses.
      These events might look a little different. For example, there might be fewer people and more social distancing, but regardless, the concept is the same.
      As a seller, you want your home to look beautiful and appealing to possible buyers. So what can you do to make your home stand out?
      Talk to Your Real Estate Agent Your best source of information as far as what you need to do to make your home picture-perfect will come from your

What to Know About Selling a Home to a Family Member
     It’s not uncommon to want to sell a home to a family member, but it can become a tricky situation. You have to be mindful of not only the personal elements that can come with doing this type of transaction with a relative, but the IRS may also scrutinize the transaction if you don’t avoid certain red flags.
      It’s perfectly legal to sell a home to a family member as long as you’re not just doing it to avoid taxes. If you’re selling the home at a very discounted rate, you might have to pay an estate and gift tax, but beyond that, it’s just like any other real estate transaction.
      Owner-Financed One option if you’re selling your home to your child, for example, is to do an owner-financed sale. Then, your family member would make payments to you instead of a bank. However, you need to legally arrange it so that if your relative defaults, the home goes back to you automatically and you can then sell

The Law Offices of Fred Peet

55 Patchen Road
South Burlington, VT 05403
800-683-3903 (toll free)
802-860-2822 (fax)

Meet Our Real Estate Law Team

     Fred V. Peet
     Richard C. Maxson
     Christopher M. Perra
     Kevin J. Shortell
     Paula LeBlanc
     William Flender
     Eric Derry

Paralegals/Legal Assistants:
     Doreen Guthrie
     Sherry Morin Barton
     Amy Benway
     David MacPeek
     Shawn A. Nelson
     Karen Eddy
     Elise Martin
     Marcy Brigham
     Sheri Slack
     Linnea Oosterman
     Samantha Kittredge
     Kristy Farnham
     Carol Davis

Closing Coordinators:
     Katy Baker   
     Laura Martin

  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
May Real Estate Roundup
DIY or Property Manager?
How is a Home’s Fair Market Value Determined?
The Role of Scent in Selling a Home
Saving for a Down Payment When You Live Paycheck-to-Paycheck

Fred Peet
802-860-4767 (phone)
800-683-3903 (toll free)
802-860-2822 (fax)
Law Office of Fred Peet
(802) 860-4767
55 Patchen Road South
Burlington, VT 05403

Equal Housing Opportunity

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