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FHA has made it possible for low income group people in America to have their home.  FHA Mortgage loans are characterized by low down payment and flexible eligibility requirements. Borrowers can use FHA loans for not only buy new home but also for various other purposes. Some popular FHA loan programs are given below.

Insured Rehabilitation Mortgage:

This FHA program allows loan for purchasing home and cost of necessary home repairs.  In contrast to conventional loans, FHA allows for the home repair by establishing an escrow account to pay for contractor. For this borrower has to provide a cost estimate for the repair project.

Insured Reverse Mortgage

In program, homeowners, aged more than 62 years can cash their equity in their homes without paying monthly mortgage payments. This reverse mortgage payment is paid only after homeowner sells it or passes away.

Insured Graduated Payments mortgage

In this program, initially borrowers are required to pay low payments which increase over the period.  Though the exact amount varies according to the loan, borrowers have option to get the payments increased after first five years or 10 years.

As FHA does not fund these loans, instead it arranges for the low cost mortgage insurance, borrowers have to apply with a FHA-approved lender.  To calculate exact amounts of loans and mortgage payments, you can use a FHA Mortgage calculator. You can find efficient FHA mortgage calculators at various reputed website providing reliable FHA related information.