VA Reduces Mortgage Options

According to an article on Military.com, the VA is going to stop the practice of adjustable rate mortgages by September 30th, 2008. If you are currently contemplating buying a home, or refinancing, via an adjustable rate mortgage (ARM) with the help of the VA, you will be okay, as long as it closes in a timely manner.

However – after September 30th, you’re out of luck. Reason for this? The high number of people getting in trouble with adjustable rate mortages. And while this is a valid reason, it will also mean higher interest rates (therefore higher payments) and less house.

What are your thought/concerns/questions on this topic?

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About Sabine
Mom, Sister, Friend, Traveller, World Citizen, Realtor, Optimist

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