"FHA Loans" refers to the Federal Housing Administration Loans, which is a mortgage loan program supported by the United States federal government. Its primary aim is to facilitate easier access to the housing market for low-income and first-time homebuyers. FHA loans are insured by the Federal Housing Administration, meaning that if a borrower defaults on their loan, the agency steps in to cover part of the risk, thus making lenders more willing to offer loans to borrowers with lower credit scores or smaller down payments.

Features of FHA loans typically include:

1. Lower Down Payment Requirements: Compared to conventional mortgages, FHA loans generally require a lower percentage down payment, currently set at around 3.5% of the property's purchase price.

2. More Flexible Credit Requirements: While a strong credit history is beneficial, the credit score requirements for FHA loans are often less stringent than those for other types of loans.

3. Assumability: Most FHA loans can be assumed by a new homeowner, provided the assuming borrower meets certain eligibility criteria.

4. Applicability: FHA loans are primarily intended for the purchase of primary residences, rather than vacation homes or investment properties, although there may be exceptions.

Borrowers applying for FHA loans must still meet certain income and debt-to-income ratio requirements, and they are required to pay Mortgage Insurance Premiums (MIPs), which are fees collected to protect lenders against potential losses.