In your house hunting you may have come across a mention of FHA loans. FHA stands for Federal Housing Authority, and the loans available through this program are designed to help people qualify for loans and purchase homes more easily.

Purchasing a home with a low down payment is important for a number of reasons, including the buyers ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home.