VA to Halt Adjustable Rate Mortgages

1
32

Unless Congress extends the Department of Veterans Affairs (VA) authority to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs), these loan types will expire on Sept. 30, 2008. Lenders have been told to not accept applications for VA-guaranteed ARMs and HARMs after Sept. 30, 2008. ARM or HARM applications dated Sept. 30, 2008 or earlier may be processed so long as the loan closes within a reasonable time and satisfies all other VA program requirements. This will effectively end veterans access to VA-guaranteed adjustable rate mortgages and will limit them to fixed rate mortgages. Fixed rate mortgages offer greater stability for the borrower, but normally carry a higher interest rate.

SHARE
Previous articleVA Raising Home Loan Ceilings in Many Areas up to $ 729,000
Next articleis Child Support Considered Debt for VA Loan qualification?
VT Money is part of the Veterans Today Network (VTN). VTN is a full service media, information, marketing and promotion network managed by dedicated people that serve the U.S. Military Veterans Community With over 2,000,000 plus unique visitors with millions more of page hits per month, our media network is now the largest network for U.S. Veterans in the United States of America. As we continue forward, our people from all over the world work to bring dynamic interactive content, information, services, and products to serve our U.S. Military Veterans market contributing to the greater good of our dynamic community. Created in 2003, the network has each and every year as it gained acceptance in this niche marketplace and now is the largest, brightest and most dynamic in the USA. So click around the links and access our network of U.S. Military and Veterans sites. We stand proud of promoting our network that stands for and supports U.S. Military Veterans.

Comments Closed

Comments are closed.