The VA ARM (adjustable rate mortgage) can get you into a home with a lower monthly mortgage payment. Rates are fixed for 3 or 5 years.

VA LOAN RATES

National Averages for October 24, 2014

30 YEAR FIXED

3.375% Rate
3.474% APR

15 YEAR FIXED

2.75% Rate
2.93% APR
* disclosures

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- Veteran Documents -

Certificate of Eligibility
and DD-214

GET A VA HOME LOAN

VA Hybrid ARM

Adjustable Rate Mortgage for Veterans

The VA Hybrid ARM product provides for an initial fixed interest rate for a period of three or five years, and then adjusts annually after the initial fixed period. The 3/1 and 5/1 VA Hybrid ARM products allow a 1% annual interest rate adjustment after the initial fixed interest rate period, and a 5% interest rate cap over the life of the loan. Interest rate adjustments must occur on an annual basis, except for the first adjustment which may occur no sooner than 36 months from the date of the borrower's first mortgage payment on the 3/1 ARM or 60 months from the date of the borrower's first payment on the 5/1 ARM. The loan term is 30 years for either of these loans.

INDEX AND MARGINS

The index is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year. Also known as the 1-Year Constant Maturity Index. VA ARM loans have either a 2.00% margin or a 2.25% margin.

LIFE CAP

Initial Note Rate plus 5%

ADJUSTMENT CAP

One percent (1%) annually after the initial fixed rate period of 3 or 5 years.

FIRST ADJUSTMENT DATES

Government loans only adjust 4 times per year (January 1, April 1, July 1, and October 1). The loan's first adjustment will occur with the corresponding adjustment period that follows the initial fixed period. For example, if the initial period ends in February, the rate will adjust in April and then annually thereafter until maturity.

3/1 VA Hybrid ARM: the first rate adjustment will occur between the 36th and the 42nd payment due date.

5/1 VA Hybrid ARM: the first rate adjustment will occur between the 60th and the 66th payment due date.

QUALIFYING RATE

Initial Note Rate

* This product description is for informational purposes only. VALoans.com currently does not offer VA ARM Products.

VA LOAN ARTICLES

Read About Veteran Mortgage News, Updates, and Guidelines
Appraisals and the Condition of the Roof

VA loan minimum property requirements do include guidance about the condition of the roof in general terms. However, if you’re looking for instructions to the lender about what it takes for a roof to pass the VA appraisal, you may be disappointed.

When Can I Sell the Condo I Purchased With a VA Loan?

We get many questions about buying and selling properties purchased with a VA home loan. Buyers ask about appraisals, closing costs, and the VA loan funding fee, and sellers want to know how VA loan rules might affect the transaction.

VA Loans for Non Residential Use

Chapter Three of the VA Lender's Handbook addresses this issue of non-residential use of a VA loan both in terms of what is specifically allowed AND what is not specifically allowed. VA mortgage loans are specifically meant for residences.

VA Loan Rules and Second Mortgage Loans

One common misconception about VA home loans is that the program is aimed only at first time home buyers. It may be possible to get a second mortgage on a home purchased with a VA home loa

VA Loan and Lender Rules Regarding Missed Payments

VA lenders must follow VA minimum standards for loan approval, but there is often a higher standard with the lender, and those higher standards are not against VA loan program rules.

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