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If your answer is Yes, then the FHA home loan could be the first-time home buyer loan you’ve long waited for. Quick Introduction to FHA Loans FHA loans are insured by the Federal Housing Administration or FHA and were initially designed to make homeownership readily available to aspiring homeowners who have difficulty meeting the conventional loan requirements. Suppose the borrower defaults on the payments and the FHA mortgage is foreclosed. Borrowers can take further advantage of their FHA loan by availing of down payment assistance programs by the government. However, there is more to the FHA mortgage than what is mentioned in this article.