Question by Keeping Secrets: What are the repayment term options for an FHA loan? Are there prepayment fees?
Are there options other than 15-year or 30-year loans? Can I get a 20-year FHA loan? Do FHA loans typically have prepayment fees? Would I have an option to make bi-monthly payments?
Please indicate your source of information if possible. I want to make sure I have as up-to-date and accurate information as possible. Thanks!
Best answer:
Answer by cactusgene
There are NO early prepayment penalties on FHA loans. But I would recommend you get a standard 30 year FHA mortgage and then make extra monthly principal payments of about 15% of the monthly payment amount and you effectively cut the mortgage down to a 20 year loan and also preserve the possibility of not making those extra payments if you ever get into a tight spot.
http://www.fhaloan.com/fha_article.cfm?id=65
http://www.ehow.com/info_7754849_fha-prepayment-penalties.html
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