FHA 15-Year Fixed Mortgage Rates
For first-time homebuyers and buyers with less than perfect credit, securing a mortgage can seem like a daunting task. However, one viable option you might want to consider is the Federal Housing Administration (FHA) 15-Year Fixed Mortgage. This type of mortgage makes sense for achieving home ownership and saving on long-term interest.
Are you ready to apply for a 15-year, fixed-rate FHA mortgage? Start the process with a mortgage pre-approval.
Table of contents
What are the key benefits of a 15-Year, FHA mortgage?
What are the requirements for a 15-Year, FHA mortgage?
Who qualifies for a 15-year, fixed-rate FHA loan?
What are the limits on a 15-year, FHA mortgage?
What’s the difference between a 15-year & 30-year FHA mortgage?
What does the amortization schedule look like for a 15-year FHA mortgage?
How can I apply for a 15-year, fixed-rate FHA mortgage?
What are the key benefits of a 15-Year, FHA mortgage?
One of the most notable benefits of a 15-Year, FHA mortgage is the ability to pay off your mortgage quicker compared to the traditional 30-year mortgages. This could save you a significant amount of money in interest over the life of the loan. Aside from that, 15-year mortgages generally have lower interest rates than their 30-year counterparts, which could lead to further savings.
Another significant advantage is the lenient qualification requirements. FHA loans are accessible to borrowers with less than perfect credit. A lower credit score that might disqualify you from obtaining a conventional mortgage might not prevent you from qualifying for an FHA loan. This flexibility makes the 15-year FHA mortgage attractive to first-time homebuyers who may not have had the opportunity to build a robust credit history.
What are the requirements for a 15-Year, FHA mortgage?
While FHA loans are known for their lenient credit requirements, there are still certain criteria that borrowers must meet.
First, the borrower must have a steady employment history or have worked for the same employer for at least two years.
Secondly, the borrower must have a valid Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in their state.
Additionally, the property must meet certain minimum standards at appraisal and be the borrower's primary residence. A minimum credit score is also required, although this requirement is lower for FHA loans than for conventional loans. Finally, the borrower must have a debt-to-income ratio that is acceptable under FHA guidelines.
Who qualifies for a 15-year, fixed-rate FHA loan?
FHA loans are insured by the Federal Housing Administration and are designed to help lower and moderate-income individuals afford a house. To qualify for an FHA loan, you must meet the following conditions:
- Credit Score: You must have a FICO credit score of at least 560 to qualify for an FHA loan. Your mortgage lender will be able to help you determine if you qualify.
- Debt-to-Income Ratio: Typically, your total debt should not be more than 45% of your income for an FHA loan.
- Employment History: You must have a steady employment history or have worked for the same employer for the past two years.
What are the limits on a 15-year, FHA mortgage?
The limit for a single-family home are based on median home prices in each county, so they can fluctuate each year.
It's always best to consult with a mortgage professional or check the Department of Housing and Urban Development's official website to confirm the current limits in your specific area.
What’s the difference between a 15-year & 30-year FHA mortgage?
The central difference between a 15-year and a 30-year FHA mortgage is the term length. With a 15-year FHA loan, you'll pay off your mortgage in half the time of a traditional 30-year mortgage, which can save you a substantial amount in interest. However, the shorter term means your monthly payments will be higher, which is something to consider in terms of your monthly budget.
Also, it's worth noting that because 30-year FHA loans are over a longer period, they usually come with higher interest rates. This means you'll pay more for your home in the long run. A longer-term mortgage may be more suitable for those who need lower monthly payments or who plan to pay off the mortgage over a longer timeframe for other strategic financial reasons.
What does the amortization schedule look like for a 15-year FHA mortgage?
An amortization schedule for a 15-year FHA mortgage displays how your loan payments breakdown over the mortgage term. In the early years of the loan, the majority of your payment goes toward paying off the interest. As the loan matures, more and more of your payments go toward reducing the principal balance.
This schedule is beneficial as it allows you to see exactly how much of your monthly payment is going towards the principal and how much is being put towards the interest. It also shows you how much you will have paid in total and how much principal you still owe at any given time. By understanding the amortization schedule, you can plan your finances better and make informed decisions about extra payments.
How can I apply for a 15-year, fixed-rate FHA mortgage?
Start your journey to getting an FHA mortgage with a pre-approval from Rate. A pre-approval letter gives you an idea of how much you’re likely to get pre-approved for, and shows sellers and agents that you’re serious.
Apply for a mortgage pre-approval today and start your journey to a new home.
Disclaimer
Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate, Inc. Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Rate does not provide tax advice. Please contact your tax adviser for any tax related questions.
Now that you know about
FHA Conforming mortgages,
FHA conforming mortgages vs other mortgage types
General Disclosures
- Sample payment does not include taxes, insurance or assessments. Mortgage Insurance Premium (MIP) is required for all FHA loans and Private Mortgage Insurance (PMI) is required for all conventional loans where the LTV is greater than 80%.
- Mortgage interest rates shown are based on a 60-day rate lock period.
- The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination fees). For home equity lines, the APR simply reflects the interest rate. When shopping for a mortgage, you can use the APR to compare the costs of similar loans between lenders.
- The estimated total closing costs above do not constitute and are not a substitute for a loan estimate, which includes an estimate of closing costs, than you will receive once you apply for a loan. The amounts provided above for Estimated Total Closing Costs, are estimations based on the state selected. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs.
- These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.
Connect with us
Connect With Us
Accessibility | Licensing | Notice to Vendors | Privacy Policies | SMS Terms | Terms of Use | DNC | NMLS Consumer Access
Delaware Licensed Loan Officers | Texas Consumers: How to file a complaint | Do Not Sell or Share My Personal Information and/or Limit the Use of My Sensitive Personal Information
Please note that applications, legal disclosures, documents or other material related to Rate products or services promoted on this page are offered in English only. The Spanish translation of this page is for the convenience of our clients; however, not all pages are translated. If there is a discrepancy between the content of the translated page and the content of the same page in English, the English version will prevail.
Guaranteed Rate, Inc. d/b/a/ Rate may choose to recommend Rate Insurance, LLC. Guaranteed Rate, Inc. d/b/a/ Rate has 100% ownership and a direct or indirect financial interest in Rate Insurance, LLC. You are not required to use Rate Insurance, LLC.
Copyright © 2025 Guaranteed Rate, Inc. D/B/A Rate. All rights reserved.
NMLS License #2611 - For licensing information, go to: www.nmlsconsumeraccess.org.
Arizona Mortgage Banker License #0907078
3940 N. Ravenswood Chicago, IL 60613
Operating as Guaranteed Rate, Inc. in New York.
The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guaranteed prior to an interest lock.