 TITLE: How to Get an FHA Loan CONTENT: What Is an FHA Loan?\n--------------------\nFHA loans have more lenient qualification requirements than a conventional loan, and can be a great option if you have minimal cash savings to put down or less-than-perfect credit. FHA loans are insured by the Federal Housing Administration and issued through administration-approved mortgage lenders, which include credit unions, banks and direct lenders.\nYou may qualify for an FHA loan with a down payment as low as 3.5%. There's also the option to roll a portion of the closing costs into your loan. However, FHA loans can be more costly in the long run due to the mortgage insurance premium you're required to pay to minimize the lender's risk. There are also limits on the amount you can borrow with an FHA loan, depending on where the property is located.\nIn addition to traditional FHA loans, there are four other FHA loan options:\n*   **FHA 203(k) loans**: These are rehabilitation loans that grant you up to $35,000 for home upgrades, improvements or repairs.\n*   **Home Equity Conversion Mortgages (HECM)**: These loans are designed for homeowners age 62 and older and act as reverse mortgages.\n*   **FHA Energy Efficient Mortgages (EEM)**: These loans allow homebuyers to roll the cost of energy-efficient improvements into their mortgage payments.\n*   **FHA Section 245(a) loans**: These mortgages have a graduated repayment structure in which monthly payments increase in amount over time. They cater to borrowers who expect their income to increase. END