Home Buying Tips - What is FHA? What is an FHA home loan?

Home Buying Tips - What is FHA?  What is an FHA home loan?  FHA stands for Federal Housing Administration.  The FHA insures certain mortgages, referred to as FHA mortgages.  A lender needs to be approved in order to offer an FHA mortgage.  Not restricted to first home buyers, FHA mortgages are intended for people who want to live in the home they're buying.  Down payment on FHA loans tends to be low, which makes this an attractive mortgage for people who want to buy a home without paying a hefty downpayment.  There are restrictions to know about, and the property needs to pass certain standards, so it's worth talking with a trusted mortgage advisor to understand your options more completely.