FHA Loans are geared toward first-time home buyers. They offer lower down payments and are easier to qualify for. There are many FHA options, but the Fixed Rate loans remain popular because they maintain the same interest rates throughout the lifetime of the loan. With a fixed rate loan, your rates will stay the same, regardless of market conditions.

A benefit of the 15-year plan is that interest rates are lower than a 30-year plan. This means that you will end up paying less money overall to own your home. However, monthly payments for the 30-year plan tend to be lower because the principal is spread throughout a longer period. Depending on your circumstances, one of these options could be ideal for you.

Fixed rate loans are generally better for borrowers who intend to live in the home for a longer period of time. If you are interested in a loan that is stable and predicatble, you may want to consider a fixed rate option.