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Actually FHA loan requirements are among the most forgiving in the industry while providing a competitive interest rate and reasonable fees and costs. This is because they are government backed and it has been public policy to make home ownership fairly easy and affordable.

Generally speaking balloon mortgage interest rates are better than rates for Adjustable Rate Mortgages (ARMs). In a balloon loan you have fixed monthly payments for a term of 3, 5, or 7 years. The monthly payments are based upon a 30 year fully amortizing schedule