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Home / Program Offices / Chief Human Capital Officer / HUDCLIPS / Handbooks / Housing Handbooks / The Graduated Payment Mortgage Program (4240.2) The Graduated Payment Mortgage Program (4240.2) Transmittal: The Graduated Payment Mortgage Program
GPM stands for "graduated payment mortgage", meaning a mortgage on which the payment starts low and rises over time. Since the initial payment is used to qualify the borrower, the GPM may allow a borrower to qualify who would not qualify with a standard fixed-rate mortgage (FRM).
My borrower has applied for an FHA loan to buy their first home, and they have several student loans in deferment. The monthly payment on their credit report is $0 but the underwriter said we must.
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A graduated payment mortgage is designed to start with the homeowner owing minimum payments. Then, over time, the payment amount increases. A low initial interest rate is used to qualify the buyer..
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Graduated payment mortgages (GPMs) are a type of home loan. The payments on a GPM start small and get larger as time goes on. This type of mortgage has a fixed interest rate. The payments increase, often between 7 – 12% each year, until a maximum payment amount is reached. This continues for the rest of the life of the loan. Most GPMs are insured by the Federal Housing Administration (FHA).
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The FHA graduated mortgage enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. Through this FHA mortgage program, the FHA graduated mortgage enables a household with a limited income that is expected to rise to buy a home sooner.
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Even within government-based programs such as the Federal Housing Administration’s home loan program, fixed rate mortgages are the most popular loan choice among veteran and first time home buyers alike. borrowers interested in fixed rate mortgages simply have to decide how long of a loan term they are comfortable with.
Graduated Payment Mortgages are FHA loans for homebuyers who currently have low to moderate incomes but expect them to increase substantially over the .