 TITLE: What Is an FHA Loan? CONTENT: Types of FHA Loans\n------------------\nNot many homebuyers realize this, but there are actually several different types of FHA loans. In addition to traditional FHA loans, you also have these options:\n*   **FHA 203(k) loans**: These are rehabilitation loans that are intended to help you finance the repair and rehabilitation of a single-family home. There is a standard 203(k) loan, in addition to a limited 203(k) loan, which lets you add up to $35,000 to your mortgage to improve, upgrade or repair a home.\n*   **Home Equity Conversion Mortgage (HECM)**: This FHA program is for seniors aged 62 and older, and it serves as a reverse mortgage. It allows qualified homeowners to withdraw some of the equity they've put into their home.\n*   **FHA Energy Efficient Mortgage (EEM)**: This program allows homebuyers to finance energy-efficient improvements to a home as part of their FHA loan.\n*   **FHA Section 245(a)**: The National Housing Act's Section 245(a) is intended to help homeowners whose income is expected to increase, so the FHA created the Graduated Payment Mortgage in response. This mortgage's payments increase gradually over a period of several years, and there are five different plan types available. END