Balloon Loans are generally only available in Conventional programs. Balloons are amortized over a 30 year term but due in full at the end of the program. An example is a 7-year balloon. This loan would be amortized over 30 years but due in full at the end of 7 years, either by a cash payoff, sale or refinance of the property. Property types available for this program include all 1-4 unit residences, condos and planned unit developments (PUD).
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