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What are the different types of FHA mortgages?

April 26, 2017different FHA mortgages types

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What are the different types of FHA mortgages?

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Like conventional mortgages, there are several different types of FHA mortgages. A fixed-rate mortgage secures an interest rate at the time of purchase and remains constant for the life of the mortgage. There is also an adjustable-rate mortgage (ARM). The interest rate on an ARM fluctuates throughout the life of the mortgage, mirroring the current national index. There is also a graduated-payment mortgage (GPM), which requires a down payment and has negative amortization.