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Mortgage plans differ in timing and long term cost
The article explains graduated payment mortgages GPMs popular with rising incomes allow lower early payments that rise 7 percent annually for five years then level off. A $50 000 30 year loan at 9 percent would cost about 152 000 overall with GPM versus 145 000 with a conventional loan. HUD notes more reforms including RAM options and new securitization to fund further loans.
MENTIONED IN THIS ARTICLE
Department of Housing and Urban Development
Consumer Information Center
Pueblo
Colo
Federal Housing Administration
Federal Home Loan Bank Board
Chet Foster
FHA
HUD
National Mortgage Association