FHA 20 Year Mortgage?

[twoaklawn]

Is it possible to get a 20 year mortgage with FHA?  I'd like to get a mortgage that will be paid off at retirement, but don't think I can qualify for conventional financing.

[Anonymous]

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.

[twoaklawn]

I had not thought of that.  Do most FHA mortgages allow extra payments with no prepayment penalties, or does that just vary by lender?

[Anonymous]

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.

[Anonymous]

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@twoaklawn wrote:
Do most FHA mortgages allow extra payments with no prepayment penalties, or does that just vary by lender?

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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.