15-Year Fixed Mortgages
Who 15-Year Fixed Loans Are Best For
How Do 15-Year Mortgages Work?
What Do You Need To Qualify For A 15-Year Mortgage?
- A minimum 3% down payment.
- A minimum FICO® Score of 620.
- A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover closing costs, which are about 2% – 6% of the purchase price.
Take the first step toward the right FHA Mortgage.
Begin with a FREE Pre-approval with FHA Mortgages or simply enter a little info and schedule a consultation with our Home Loan Experts, where they will provide a personalized recommendation on which FHA loan option is best for you.
15-Year Fixed Mortgage Benefits
- You’ll pay off your mortgage faster than with other loans.
- You can pay off your mortgage at any time without prepayment penalties.
- You may be able to avoid mortgage insurance with a down payment of 20% or higher.
- Your interest rate is fixed for the life of the loan, so you don’t have to worry about rising rates.
- You can buy a home with as little as 3% down.
- You can refinance your home for up to 97% of its value.
Mortgage Insurance Requirements
- This typically costs 0.5% – 1% of your loan amount per year, spread over 12 payments.
- Once you reach 20% equity in your home, you may be able to request to cancel PMI.
- PMI is often cancelled automatically once you reach 22% equity.
Why Choose Cash-Out Refinance
FHA Mortgages provides consumers with award-winning service, which means, we align with approved FHA affiliates so you’ll get the same care and attention throughout the entire life of your FHA.