245 loan
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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.