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When getting a mortgage it is important to know all your options.  The FHA 15yr mortgage maybe the best option for YOU!.  Over the last couple years FHA loans have become very popular.  They have more lenient guidelines such as allowing lower credit scores (down to a 580).  And they allow higher debt to income ratios, meaning you could buy more home then if you were using a conventional mortgage.  Not to mention they only require a 3.5% down payment. 

One more benefit of the FHA loan is the aggressive 15 year mortgage they offer.  Here are some of the HUGE benefits of the FHA 15yr Mortgage:

Interest Rate

When choosing between a 30yr mortgage and a 15yr mortgage, you need to know the difference.  A 15yr mortgage has a higher monthly payment since you are paying the loan off in a short time.  Keep in mind you would also be saving the interest you pay on a longer mortgage(20-30yr mortgage).  But the best part, is the rate on a 15yr mortgage is always lower then a 30yr mortgage.  On a FHA loan this difference in interest rate could be .5% +/- less then a 30 year mortgage.  Allowing you to borrow the same amount of money but paying less interest. 

Monthly Mortgage Insurance

On FHA loans you have upfront mortgage insurance, it is 1% of your loan amount.  And it is included in your loan.  Meaning you do not need to pay this fee at closing.  But you also have monthly mortgage insurance, as it is part of your monthly payment.  On a FHA 30 year mortgage, your monthly mortgage insurance is .85% to .90% depending on your down payment and loan to value.  But on a FHA 15 yr loan, it is .25% if your down payment is 10% or less.  Or a 90% loan to value for a refinance.  And the best part.....  if you put more then a 10% down payment you have NO monthly mortgage insurance.  As an example, if you were getting a $200,000 loan amount and was choosing between a 30yr or 15yr FHA mortgage.  and had a down payment of 3.5%, a 15yr FHA mortgage would be saving you $108 monthly just from the lower monthly mortgage insurance.  Keep in mind mortgage insurance is deductible thru 2011, but may not be deductible for you.  See Guidelines. 

When getting a mortgage there is a lot to take into consideration: cost, payment, your long term and short term financial goals.  The FHA 15 year mortgage maybe the best mortgage option for you and save you the most money!!