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15 Year FHA Mortgage

FHA insures a 15-year mortgage loan with a fixed interest rate and no penalty for early pre-pay or refinance. The 15-year FHA rates start at 3% (3.17% APR). If you can afford the higher payment, we recommend the fifteen year FHA loan because this product maximizes the lowest possible government rate.

FHA Loans Guarantees No Pre-Payment Penalties

With conventional lenders tightening their belts on their lending requirements, subprime loans are pretty much a thing of the past. This leaves a lot of current holders of subprime loans very few options to avoid foreclosure when their rates reset. However, the FHA has stepped up and is currently assisting subprime borrowers by allowing them to refinance to fixed-rate FHA loans that have low rates.

Mortgage Related News recently reported that FHA loans had increased the government mortgage market share more than 15% in the last 3 years. The article also indicated that borrowers who were stuck with adjustable subprime loans found that FHA mortgage loans were the best fixed rate refinancing available and the FHA rates were actually lower than conventional loans.

Should I Refinance into a 30 or 15-Year Mortgage?

Look at all factors when comparing 30 and 15-year mortgage loans.  Thirty year FHA mortgage rates are more common because the payment is lower and it maximizes the affordability factor in most cases.  The 15-year is a smart choice though because you can own you home in half the duration of the traditional thirty year mortgage.  However, “Can you afford the higher payment that come with the fifteen year mortgage?” 

On Jan. 1, 2009 the temporary $729,750 limit on loans in high-cost markets that can be insured by the Federal Housing Administration or purchased by Fannie Mae and Freddie Mac will DROP reverted back to $625,500, but Congress has made the increased FHA loan limits permanent for 2010.

Disclosures: 3% (3.17% APR) on a fixed rate FHA 15-year mortgage with a $180,000 loan amount has a payment of $1,243.05 as of 4-5-13. There are 180 monthly payments with a 15-year mortgage. Call for current pricing.



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15 year mortgage rates with FHA are subject to change based on available loan information can provided by the mortgage lenders directly after application is submitted for further underwriting review. The FHA Mortgage Refinance Loan Company is not directly affiliated with any government agency. We provide an online marketplace for consumers searching for FHA loans and HUD resources. We are affiliated with HUD approved FHA mortgage lenders. If you would like to contact HUD directly please visit their website online.