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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
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Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
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About
FHA 15-Year
<p class="MsoNormal">This loan comes with less stringent requirements and a shorter term that minimizes the cost of interest over time.</p>
Benefits
Consistent Interest Rate
The interest rate remains the same throughout the loan term, providing predictable monthly payments.
Lower Down Payments
With as low as 3.5% down payment, FHA loans are more accessible than conventional loans.
Faster Equity Building
The 15-year term allows you to build home equity faster compared to longer-term loans.
Lower Credit Requirements
FHA loans have more lenient credit requirements compared to conventional loans.
FHA 15-Year Fixed Mortgage Information
<p>FHA 15-year fixed mortgages are backed by the Federal Housing Administration and offer a combination of affordability and stability. To better understand how this mortgage option can fit into your homeownership plans, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
What is an FHA Fixed Rate 15-Year Loan?
<ul><li>Backed and insured by the Federal Housing Administration</li><li>Available for single-family and multifamily homes</li><li>Interest rate remains constant throughout the 15-year loan term</li><li>Offered by FHA-approved lenders and banks</li><li>Ideal for borrowers with lower credit scores or limited down payment funds</li></ul>
Requirements for an FHA 15-Year Fixed Mortgage
<ul><li>Minimum credit score: Generally around 500, with better rates for scores of 580+</li><li>Down payment: As low as 3.5% with a credit score of 580+</li><li>Mortgage Insurance Premium (MIP): Required, can be paid upfront or annually</li><li>Loan limits: $498,257 for single-family homes in most areas (higher in costlier counties)</li><li>Debt-to-income ratio (DTI): Up to 50% in some cases</li><li>Owner occupancy: Property must be primary residence</li><li>FHA-approved home inspection and appraisal required</li></ul>
Current FHA 15-Year Fixed Rates
<p>At Total Mortgage, we update the current FHA 15-year fixed rate twice daily on our website. This ensures our clients have access to the most accurate and up-to-date information for their mortgage decisions. Check our website or speak with a loan officer for the most current rates.</p>
Pros and Cons of FHA 15-Year Fixed Mortgages
<p>Understanding the advantages and disadvantages of an FHA 15-year fixed mortgage can help you make an informed decision.</p>
Additional Pros
<ul><li>Competitive interest rates</li><li>Faster debt payoff compared to 30-year mortgages</li><li>More lenient qualification requirements</li><li>Ideal for first-time homebuyers</li></ul>
Cons to Consider
<ul><li>Higher monthly payments compared to 30-year mortgages</li><li>Potential opportunity cost of not investing elsewhere</li><li>Possible loss of some tax benefits due to less interest paid</li><li>Required mortgage insurance premiums</li></ul>
Who Should Consider an FHA 15-Year Fixed Mortgage?
<p>This mortgage option might be ideal for:</p><ul><li>Borrowers with credit scores between 580-700</li><li>Those with limited savings for a down payment</li><li>Individuals who can afford higher monthly payments</li><li>First-time homebuyers</li><li>Those looking to build equity faster</li></ul>