6 - What is an FHA Loan?

First Time Home Buyers - How To Buy a Home

Sometimes called the first time home buyers loan, FHA loans are one type of loan that you may come across during your research. We’ll take a closer look at what an FHA loan is and how it might benefit you as a first-time home buyer.
We'll cover the following topics:

• An Introduction to FHA Loans
• What types of FHA loans are there?
• What Are the Benefits of an FHA Loan?
• What additional fees are associated with an FHA loan?
• What are the income and loan limits for an FHA loan?
• What homes are eligible for an FHA loan?
• Are there other loan options with lower down payments than an FHA loan?
• Other types of FHA loans

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An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA), a government agency that is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are available to all kinds of borrowers, including first-time home buyers with limited credit histories. This type of loan is attractive to first-time home buyers because it has more flexible lending requirements than a conventional mortgage.

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