Don’t think you have enough money to afford mortgage payments? Section 245 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. Section 245 insures mortgages for first-time (and other) buyers who have low- and moderate-incomes, and who thus cannot meet standard mortgage payments, but who expect that their income will increase substantially in the next 5-10 years. Potential homeowners who are considering using a graduated-payment mortgage to purchase a home must remember that their monthly payments to principal and interest will increase each year for up to 10 years, depending on which of five available plans they select. (14.159 Section 245 Graduated Payment Mortgage Program) . For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov
Income Eligibility: Family of 4 – $30,000. This varies from county to county so you must check with your local office to determine eligibility.
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