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Does FHA have a 15 year loan? What should I expect as an interest rate & approx. closing costs?

  • June 10 2009 - Escondido
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Answers (2)

Yes, FHA has 15 year fixed rates loans. Note that all FAH loans come with an Upfront Mortgage Insurance Premium of 1.75% of the loan amount. All 30 year FHA loans also carry a monthly mortgage insurance premium. However, on a 15 year FHA loan, if you put at least 10% down, then there is no monthly insurance premiums.

The rate and fees from any specific lender will depend on the market for that day. So, you should put a quote request here on Zillow and specifically request an FHA loan. This will help you determine the available rates and fees that various lenders charge. 
  • June 11 2009
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Yes, FHA has a 15 year but is only fixed - not available as an ARM.  (I doubt that is a problem for you!)

Closing costs are the same as a 30 year.  Cost would depend on the rate you would accept, lender's fees, etc.  My co. lends in CA and I'd be glad to provide you with a GFE.  Contact me via my profile page if I can help.  Thanks!  Charlie
  • June 10 2009
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