Graduated payment mortgages or GPMs let you start out with a reduced monthly payment that gradually grows to the full payment amount over time.
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Under section 245 of the FHA home loan program, home buyers with low income who expect their monthly earnings to increase may be eligible for a growing equity home loan. These home loans are designed to cushion the upfront costs for home buyers that may not be able to afford them. This is especially well-suited for first-time home buyers.
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Graduated payment mortgages (GPMs) are a type of home loan with payments that start smaller and get larger as time goes on. These kind of mortgages have a fixed interest rate, and the payments often increase between 7-12% each year until a maximum payment amount is reached, which will continue for the rest of the life of the loan. Most GPMs are insured by the Federal Housing Administration (FHA).
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