245 loan financial definition of 245 loan
An FHA-insured loan program also called the graduated payment mortgage. It allows home purchasers to begin with low monthly mortgage payments and then steadily increase them over the next 5 to 10 years,when they will remain constant.
References in periodicals archive
Asia: 245 loans
, valued at $1,817 million to 27 countries.
The rating affirmations were based on FINOVA's thorough review of Sirrom's portfolio of 245 loans
and equity investments and subsequent adjustment in carrying value.