FHA Loans - Adjustable Rate Mortgage Program

FHA Loans - Adjustable Rate Mortgage Program

The FHA adjustable rate mortgage loan (a.k.a. Variable, ARM) is one of the best adjustable rate mortgages available. You may use this FHA loan program for 1-4 unit homes, as well as condominiums, town homes, and PUDs. 

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In yesterday’s article, Understand the Structure of Your Home Loan Part 1, the first 10 years of a 30 year mortgage construct was summarized. The amount of your payment that goes into the interest as opposed to the actual home was explained after a mention of the total principal that would be paid after 15 years under this length of plan. Now, let’s look at the next 20 years of a mortgage broken down.

So, after the 10-year-mark, as your interest payments are steadily decreasing, you will come upon the 20 year mark when only about half of your payment will go toward interest. This should be relieving. As you move into the next five years, ready to hit the home stretch, 70% of your money is going into the principal balance, the original loan amount, a solid investment into the physical dwelling you’re taking ownership of. Sigh, because it will only get better from here.

By the final year, 99.5% of your payments go toward the principal. You’ll be getting less of a tax deduction, but your hard work has finally paid off!

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