| VA 5/1 ARM |
| Up to 100% financing for qualified service members
Flexible qualification requirements
No monthly mortgage insurance |
| Eligible VA service member, or eligible family member, has low or no funds for down payment
Flexible credit requirements are needed to qualify |
| Must be an eligible VA service member as defined by the Department of Veteran Affairs
Financing is available for primary residences only
A VA funding fee is required. Certain exceptions apply. |
| Rate caps = 1% per adjustment and 5% over the lifetime of the loan
Index = US Treasury 1 Year Constant Maturities (CMT) Weekly Average
Margin = 2.00%
First adjustment: 5 years
Subsequent adjustments: yearly
Assumable (with lender approval)
Non-convertible |