Sponsor
Home Buyer Help

Valid HTML 4.01!


Down Payment Assistance Programs
<<<Back To Articles

VA Arm Program

Author: Ryann Cairns

Buying a home is a major financial commitment. A home of your own is one of the biggest financial investments most people will ever make, and a home can be an excellent investment. Finding the right home mortgage loan to make your American Dream come true is one of the biggest challenges facing any potential home buyer.

The VA ARM program is designed to help those who have served our country in the armed forces become home owners under favorable loan and down payment conditions. The Veteran's Administration (VA) ARM program was established to assist veterans with mortgage loans at better interest rates and favorable loan and down payment terms.

As with any lender, the interest rate on a VA ARM loan will vary along with the underlying interest rates. The first step in the VA ARM application process is to visit a mortgage lender who participates in the VA program. The home buyer will need to complete a Certificate of Eligibility to prove that he or she is eligible for a VA ARM loan.

The mortgage lender can get a Certificate of Eligibility for the borrower, or the borrower can obtain it themselves directly from the VA or via the VA web site. Since the VA home loan program is designed for veterans, the home buyer will be required to supply suitable proof of military service.

If the applicant is still on active duty, he or she can supply an original statement of service. If the applicant is no longer on active duty, he or she will need to provide a discharge certificate. In order to apply for a VA ARM loan, the potential home buyer will shop for a home, find a mortgage lender and present the lender with a Certificate of Eligibility in order to complete the mortgage loan application. The mortgage lender will then make a determination on the loan application based on the borrower's credit history and financial situation.

After the closing of the mortgage, the loan will be sent to the VA for guaranty and the paperwork will be returned to the new home owner. There are enormous benefits inherent in the VA ARM program, including lower interest rates. In addition, one of the most important advantages of the VA ARM compared to conventional mortgages is that there is typically no down payment required on a VA home loan. In addition, the VA will inform the potential home buyer of the reasonable value of their prospective home.

Closing costs on VA home loans are often lower than closing costs on competing mortgage vehicles. In addition, no mortgage insurance premiums are due on a VA home loan, and the loan may be prepaid at any time without penalty. The VA ARM program is an excellent way for veterans to afford the home they need. The favorable terms and great interest rates make the VA ARM program one of the most attractive home mortgage loan deals around.

Home Buyer Education:
LIBOR


Copyright Copyright Notice2003 - 2012 U.S. #TX0006199019 - All Rights Reserved
Privacy Policy/Terms of Use

Printer Friendly Page
Advertise
Refer Our Website
Credit Repair Techniques
Mortgage Calculators
Benefits to Mortgage Professionals
Benefits to Builders
Benefits to Realtors
Benefits to Sellers
Articles
Real Estate Terms
Home Buyer Education
First Time Home Buyer Grants
Charity Resources
Benefits To Home Buyers
Down Payment Assistance Home Page
Frequently Asked Questions
About
Find Local Professionals
MLS Search
line bar2
line bar3
line bar4
line bar5
line bar6
line bar7
DOWN PAYMENT SOLUTIONS™
line bar9
line bar10
line bar11
line bar12
line bar13
line bar14
line bar15
line bar16
line bar17
line bar18
MENU


Article:
FICO™ Impact

bookmark this page

Link To Us - Your Link is why we are found in the search engines! Please Support Our Site



Down Payment Solutions
Find Success

Other Important Links for down payment assistance and first time home buyers:

Home Buyer Grants By State:
Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Hawaii - Idaho - Illinois - Indiana - Iowa - Kansas - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Michigan - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - New York - North Carolina - North Dakota - Ohio - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - DC - West Virginia - Wisconsin - Wyoming