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Veterans Administrationguaranteed Graduated Payment Mortgages are now available with lower downpayments for new home purchases, the VA announced recently.
The new program is part of the Veterans’ Disability Compensation, Housing, and Memorial Benefits Amendments passed by Congress last year.
Under the GPM, monthly payments are lower for the first few years than the corresponding monthly payments on a traditional mortgage for the same amount. In a GPM mortgage, a portion of the interest due on the loan each month is deferred and added to the principal balance of the loan. This is done during the early years. In a traditional mortgage, all the interest and a portion of the principal are scheduled to be paid each month.
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