FHA loans are a type of mortgage loan that is insured by the Federal Housing Administration (FHA) and provided by an FHA-approved lender. The FHA mortgage insurance protects lenders against losses, which allows them to offer better deals to borrowers. Here are some key features of FHA loans:

• Low down payments: FHA loans require a lower minimum down payment than many conventional loans, and the down payment can be as low as 3.5% of the purchase price.

• Easy credit qualifying: FHA loans have looser financial requirements than conventional loans, which can allow borrowers with lower credit scores or who have difficulty obtaining loans from private lenders to qualify.

• Owner-occupancy requirement: FHA loans are geared towards new homeowners rather than real estate investors, so the house must be owner-occupied for at least a year.

• Insured by the government: FHA loans are insured by the government, which means that the owners of the mortgage are protected against loss if the borrower defaults on the loan.

To obtain an FHA loan, borrowers must make arrangements with a lending institution, as the FHA does not make loans itself. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers and ask them if they are FHA-approved by the U.S. Department of Housing and Urban Development to originate FHA loans.