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.
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.