What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

Read more: http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx#ixzz4jQsuHcLf