Financing in 86314>Question Details

Fhaquestion, Home Buyer in 86314

FHA Graduated Payment Mortgage/ Sect 245(a)

Asked by Fhaquestion, 86314 Thu Jul 2, 2009

Already qualified for FHA 30 year fixed, asked bank about FHA graduated payment mortgage/ sect 245a and told they don't know anything about that kind of loan. Do approved fha lenders vary in the fha products they will offer?

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Yes, every lender has a different product selection the offer from what FHA will insure. With the graduated payment mortgage, it is not a popular product (not because it is a bad product) so there are not very many lenders that offer it. Therefore, your broker will have to do some research to see if they can find a lender that does. In this interest rate market, it is probably not much of a benefit to you since fixed rates are already very low and the payment adjustment on a GPM is much smaller than if the current fixed rates were in the 7 - 8% range.

Hope this helps!

Brian S. Cardenas
President / Mortgage Consultant
0 votes Thank Flag Link Thu Jul 2, 2009
It look like it has negative amortization, I don't know any lenders that are doing negative amortization right now.
0 votes Thank Flag Link Thu Jul 2, 2009
Yes, banks vary in the type of product they offer even within a program. It is also possable that the person you spoke to just doesn't know about that product.

I will have to look up the program myself.
0 votes Thank Flag Link Thu Jul 2, 2009
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