FHA loans aren't one size fits all – you can choose from a range of mortgage types. For example:
Adjustable-rate mortgages (ARMs) offer a lower starting rate and payment, which is fixed for a certain number of years and then adjusts with the markets. When rates come down, your payments come down!
A fixed-rate loan offers a steady rate and payment through your entire loan term, with a choice of 15, 20, or 30 years. If rates come down in future, you may refinance to get a lower rate and payment.
Streamline refinancing is a tool that people with FHA loans can use to refinance your loan, using the same paperwork you already supplied for your original loan. This makes the process quick and simple.
There is also a FHA 203 program that offers funding for repairs, improvements, and upgrades when you have an FHA loan.