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I don't know if there is but if there isn't.....
you can get a 30 year loan...
set up your payments to be biweekly (whcih amonts to one extra payment a month)
and it will be over in 24 years.
I would think that since the FHA is only the guarantor and not the lender, it varies by lender. I close on 4/24 and I was ENCOURAGED by my lender to set up by weekly payments so I could pay it off early.
My mom's boss said that she did the biweekly thing with an extra 50.00 every two weeks and it paid off in 15 years.
@twoaklawn wrote:
Do most FHA mortgages allow extra payments with no prepayment penalties, or does that just vary by lender?
FHA forbids prepayment penalties on loans it insures. I couldn't actually find this tidbit on the FHA website but I found it a number of other places.