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Flexible Payment Mortgage (FPM)

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Flexible Payment Mortgage (FPM)
Definition: A home-purchase loan plan that allows the borrower to pay interest-only for the first several years of the term. Monthly payments must be sufficient to cover interest on the principal, and after 5 years, payments must be sufficient to amortize the principal over the remaining term.

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Flexible Payment Mortgage (FPM)

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