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What are the different types of FHA loans?

April 26, 2017different FHA Loans types

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What are the different types of FHA loans?

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There are several different types of FHA loans, and these generally reflect those of conventional loans. There is a fixed rate mortgage loan, which secures an interest rate at the time of purchase and carries it through for the life of the loan. There is also an adjustable rate mortgage (ARM). The interest rate on the ARM fluctuates throughout the life of the loan, mirroring that of the current national index. There is also a graduated payment mortgage (GPM), which requires a down payment and has negative amortization.