To provide a rapid principal reduction and shorter mortgage term by increasing payments over a 10-year period, thereby expanding housing opportunities to the homebuying public.
All persons intending to occupy the property are eligible to apply.
Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87 . This program is excluded from coverage under E.O. 12372. Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD-approved mortgagee lending institution. See Application Procedure.