August 4, 2020

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FHA Loan Terms

Understanding Your Loan Term from on Vimeo.

How long is an FHA mortgage? The answer to that question depends on a variety of factors including the initial choice of fixed or adjustable rate mortgage, whether you plan to pay off the loan early or not, whether you plan to refinance, etc.

The typical length of a fixed rate, new purchase FHA mortgage can be 15 or 30 years. If you are refinancing, other variables may apply. Choosing a loan term depends on the individual borrower’s specific needs and goals.

You may wish to apply for a 15-year mortgage if you are interested in saving money over the lifetime of the loan; borrowers who choose 15-year mortgages will make higher monthly payments than those who choose 30-year loans, but the earlier payoff is a feature that appeals to those who can afford to make the higher payments.

If you plan to refinance the loan at some point, you may wish to explore your options for adjustable rate mortgages (FHA ARM loans) versus fixed-rate loans. The same is true if you plan to purchase the home but sell later on.

Some borrowers don’t know whether they are willing to sell or not until they’ve settled into a new home, others may have more specific plans and goals that dictate buying and selling later.

Whichever course you choose, it’s a very good idea to understand the basics of both your FHA loan term and how the interest rates over the course of that loan term will affect your bottom line.

If you need help figuring out how much loan you can afford based on a 15-year or 30-year loan term, try using an online mortgage rate calculator, which can help you figure out estimated monthly payments and other important information based on the figures you enter including the length of the loan.

If you need assistance with pre-purchase planning, you can always contact the FHA directly at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can answer questions and give advice on how to prepare for your FHA mortgage loan application.

Do you work in residential real estate? You should know about the free tool offered by It is designed especially for real estate websites; a widget that displays FHA loan limits for the counties serviced by those sites. It is simple to spend a few seconds customizing the state, counties, and widget size for the tool; you can copy the code and paste it into your website with ease. Get yours today:

Joe Wallace - Staff Writer

By Joe Wallace

July 7, 2016

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for for (8) years and is currently the Associate Editor for

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About was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

5850 San Felipe Suite #500, Houston, TX 77057 281-398-6111. is privately funded and is not a government agency.

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