New England Federal Credit Union (NEFCU) is Vermont’s largest credit union, offering a variety of mortgage solutions for both first-time and experienced borrowers.
- Established: 1961
- Headquarters: Williston, Vermont
- Membership: 165,000 members
- Assets: Over $3 billion
- Service Area: Six counties in northwest Vermont
NEFCU focuses on empowering its members with financial knowledge, earning a strong local reputation for trust and reliability.
Mortgage Loan Products
offers a variety of mortgage loan options, including:
- Federal Housing Administration (FHA) Loans – Ideal for first-time homebuyers with lower underwriting requirements.
- Veterans Affairs (VA) Loans – Backed by the U.S. Department of Veterans Affairs, with no down payment required.
- Fixed-Rate Mortgages (15-year & 30-year) – Suitable for those seeking predictable payments.
- Adjustable-Rate Mortgages (ARMs) – Interest rates fluctuate based on market conditions.
- Jumbo Loans – Available for amounts exceeding $766,550 with flexible down payment options.
- Construction Loans – Short-term loans for homebuilders, converting to permanent financing once the project is complete.
- Refinance Mortgages – Helps homeowners secure better rates or access home equity.
Facts About NEFCU Mortgage
- NEFCU has five locations serving six counties: Addison, Chittenden, Franklin, Grand Isle, Lamoille, and Washington.
- Offers a broad range of financial products beyond mortgages, including credit cards and car loans.
- Provides financial education seminars for both members and the general public.
- NEFCU has received multiple awards, including “Best Bank/Credit Union” and “Best Mortgage Broker” in Vermont.
NEFCU Mortgage Rates & Loan Specifics
NEFCU offers specialized mortgage programs for first-time homebuyers, such as:
- Vermont Housing Finance Agency
- Home Possible Advantage
- NEFCU’s HOME Program
Fixed-Rate Loans
Best for those planning to stay long-term and seeking stability.
- 15-year fixed-rate loan: Lower total interest paid.
- 30-year fixed-rate loan: Lower monthly payments.
Adjustable-Rate Loans (ARMs)
Great for borrowers with financial flexibility. Example:
- 7/1 ARM: Fixed rate for 7 years, then adjusts annually.
Jumbo Loans
- Minimum loan amount: $766,550
- Down payment: 5–10% depending on the loan amount
- Available as both fixed and ARM loans
FHA Loans
- Lower credit requirements
- Down payment as low as 5%
VA Loans
- Available to active-duty and veteran military members.
- No down payment required.
Refinance Mortgages
- Allows homeowners to reduce interest rates or tap into home equity.
- MyChoice Mortgage: Lets borrowers customize their fixed rate and term (up to 10 years).
Construction Loans
- Short-term period: 6–12 months
- Down payment: Minimum 10%
- Converts to permanent financing after completion.
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NEFCU Mortgage Customer Experience
While NEFCU has five branch locations, many services are available online:
- Pre-approvals and applications can be completed through the website.
- Mortgage calculators, budget worksheets, and educational resources are available.
- Free seminars on budgeting, credit scores, and homeownership.
- Interactive financial courses (15–30 minutes each).
Applicants must provide:
- Personal information (name, birthdate, Social Security number)
- Asset details
- A mortgage officer will follow up after submission.
Customer Reviews & Awards
NEFCU is a regular “Daysie” award winner, a recognition given by Vermont’s Seven Days publication.
- Seven-time winner: “Best Bank/Credit Union”
- Five-time winner: “Best Mortgage Broker”
In 2018, 22,000 people voted in the Daysie awards, highlighting NEFCU’s strong local reputation.
Company Contact Information
- Website: www.nefcu.com
- Phone: 800-400-8790
- Headquarters:
141 Harvest Lane, P.O. Box 527
Williston, VT 05495
Bottom Line
New England Federal Credit Union (NEFCU) is Vermont’s largest credit union, offering a wide range of mortgage products tailored for both first-time buyers and experienced borrowers. With a strong focus on financial education, a member-first approach, and a trusted reputation, NEFCU remains a key player in Vermont’s financial landscape.
How We Evaluate Mortgage Lenders
At Good Financial Cents, we assess lenders based on:
- Loan offerings
- Customer service
- Credibility and reputation
We use direct data from lenders, customer feedback, and thorough research to ensure unbiased rankings. Each lender is rated on a 1–5 star scale based on these factors.
For more details, refer to our editorial standards and disclaimer.
NEFCU Mortgage Pros & Cons
Pros
✔ Wide range of mortgage options
✔ Strong emphasis on financial education
✔ Highly reputable in Vermont
✔ Excellent online tools and resources
Cons
✖ Limited service area (Northwest Vermont)
✖ Not among the top 10 largest U.S. lenders
