15 Year: 3.25%
5 Year: 2.75%
FHA 30 Year: 3.75%
Common Types of FHA Loan Programs
The most common type of FHA loan which accounts for a large portion of loans done using FHA financing . This is your standard fixed rate loan.
203K rehab loan
This type of loan is referred to as rehabilitation loan. This is a basic home improvement or repair loan. The program is designed to facilitate the repairing and rehabilitation of single family properties. The 203k loan can be an integral partnership with state and local housing entities coupling this program with other financial sources such as community home buying programs.
This loan covers single family residences which have an undivided interest in common areas and facilities which serve the project. .In layman terms a condominium.
This is the FHAs adjustable rate loan (ARM) programs. Typically, A 1 year adjustable rate mortgage is provided by FHA. There are also Hybrid Arms allowing for fixed payments for 3 ,5,7,10 years and then begins adjusting after the fixed payment period has passed.