The 15 year FHA is a better loan now. The payments are not much higher than the 30 year FHA. There is no pmi on the 15 year but they still hit you with a prepaid mortgage insurance but that is much better than paying it for 5 years or life of the loan. And the interest rates are lower on the 15 year. I am trying to do a 15 year FHA loan with Wells Fargo. And if you purchase a discount point or two, it is even a better deal.