Posts tagged FHA 245
Graduated Payment Mortgages

Graduated payment mortgages or GPMs let you start out with a reduced monthly payment that gradually grows to the full payment amount over time.

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What is an FHA 245 Mortgage Loan?

Under section 245 of the FHA home loan program, home buyers with low income who expect their monthly earnings to increase may be eligible for a growing equity home loan. These home loans are designed to cushion the upfront costs for home buyers that may not be able to afford them. This is especially well-suited for first-time home buyers.

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What are Graduated Payment Mortgages?

Graduated payment mortgages (GPMs) are a type of home loan with payments that start smaller and get larger as time goes on. These kind of mortgages have a fixed interest rate, and the payments often increase between 7-12% each year until a maximum payment amount is reached, which will continue for the rest of the life of the loan. Most GPMs are insured by the Federal Housing Administration (FHA).

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