FHA 203k loans are designed to help borrowers finance an older home that needs significant repairs. To get an FHA 203k loan, you must work with an FHA-approved lender. You will also have to provide a detailed proposal of the work you want to do.Should You Refinance from a 30-Year to a 15-Year Mortgage? – Freddie Mac's average 30-year mortgage rate for October 2017 was 3.90%.. in total interest paid between our hypothetical mortgages is $112,378?.. We refinanced our 2 year old 30 FHA 4.5% mortgage into a 15 year.