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GERSHMAN MORTGAGE OFFERS NEW VA HYBRID ARM
New mortgage option offers veterans flexibility in homebuying.
ST. LOUIS, January 15, 2004—Gershman Mortgage announced it will offer the Department of Veterans Affairs’ new Hybrid Adjustable Rate Mortgage (Hybrid ARM). This is the first time the VA has offered an ARM; up to this point, they had guaranteed only 30-year fixed-rate loans. The move allows veterans to take advantage of both the benefits of a VA loan and the flexibility associated with adjustable rate mortgages.
The Hybrid ARM is available for Purchase, Cash Out Refinance, and Streamline mortgages. A 3/1 ARM, the initial interest rate is fixed for a period of three years. After that, annual adjustments can be made based on the 1 Year Treasury Yield. Annual adjustments are limited to 1%, while the lifetime cap is 5%.
Gershman is the oldest independent mortgage company in St. Louis, and one of the largest in Missouri. Gershman is an area leader in FHA/VA and conventional single-family home loans, having financed over 50,000 loans in the St. Louis area alone. Nationally, Gershman services over $600 million in loans for multi-family and healthcare facilities in 10 states. Gershman specializes in providing and servicing all types of financing for apartments, nursing homes, assisted living facilities, and hospitals utilizing tax free and taxable bonds. Gershman Mortgage is one of only 58 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living and nursing homes.
Gershman Mortgage has offices in Clayton, St. Peters, and Fairview Heights, IL and can be found on the web at www.gershman.com. Gershman’s Clayton office is located at 7 North Bemiston. The main phone number is (314) 889-0600 or 1-800-GERSHMAN.
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