These loans have a fixed principal and interest (P&I) payment for the life of the note. Escrows (taxes and insurance) are the only part of the entire payment subject to change.
FHA
15yr fixed, there are 180 payments at a fixed P&I rate.
30yr fixed, there are 360 payments at a fixed P&I rate.
Note: The shorter the maturity the greater the monthly payment. If you desire a fixed rate, these are the product choices. You can select the term that best suits ones requirements. FHA loans require a minimum of 3% down payment from borrower(s) funds. There are a number of means to pay the closing cost which can be discussed. FHA loans require Mortgage Insurance (MI).
VA
15yr fixed, there are 180 payments at a fixed P&I rate.
30yr fixed, there are 360 payments at a fixed P&I rate.
Note: The shorter the maturity the greater the monthly payment. If you desire a fixed rate, these are the product choices. You can select the term that best suits ones requirements. Please call to discuss in greater detail.