Asked by LS, Dallas, TX • Thu Jan 24, 2008
With FHA loans - I noticed they advertise "no prepayment penalties." Let's say your mortgage was 1200 monthly- I thought you could pay $2400 in advance and 1000 monthly for 12 months and that would be okay with your lender. (for those who would be more comfortable paying 1000 monthly instead of 1200 monthly in the first year.) I've now heard that's incorrect and you can't do it that way. Does anyone know how this works or where I can find concrete information about it in layman's terms?
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