VA Adjustable Rate

The VA Hybrid ARM product provides for an initial fixed interest rate for a period of 3 or 5 years, and then adjusts annually.

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Frequent Question # 19:
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Bankruptcy and VA Eligibility - What happens if I file bankruptcy and wish to buy another home at some point?
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Veterans who file for bankruptcy are still allowed to use a VA home loan if they are eligible. Unfortunately the process does require a waiting period. You are allowed to purchase another home two years after the "discharge date" of your bankruptcy. Keep in mind that the filing date does not factor in-you must wait the two years after bankruptcy has been discharged. Once you are eligible to buy another home, the usual credit and income requirements apply. -- -- -- -- -- -- -- --

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VA ARM - Adjustable Rate Mortgage for the military.

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

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