FHA fixed-rate loans are available in which fixed-term options?

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Multiple Choice

FHA fixed-rate loans are available in which fixed-term options?

FHA fixed-rate loans are offered with two fixed repayment terms to provide predictable payments over the life of the loan. Those terms are fifteen years and thirty years. The rate stays the same for the entire term, so the monthly payment doesn’t change. A shorter fifteen-year term means you pay off the loan faster and pay less total interest, but the monthly payment is higher. A thirty-year term lowers the monthly payment, making it more affordable month to month, but you’ll pay more total interest over time. The other term lengths listed aren’t standard fixed-rate FHA options, so they aren’t the typical choices lenders offer for FHA fixed-rate loans.

FHA fixed-rate loans are offered with two fixed repayment terms to provide predictable payments over the life of the loan. Those terms are fifteen years and thirty years. The rate stays the same for the entire term, so the monthly payment doesn’t change.

A shorter fifteen-year term means you pay off the loan faster and pay less total interest, but the monthly payment is higher. A thirty-year term lowers the monthly payment, making it more affordable month to month, but you’ll pay more total interest over time.

The other term lengths listed aren’t standard fixed-rate FHA options, so they aren’t the typical choices lenders offer for FHA fixed-rate loans.

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