As a first-time homebuyer, you most likely have heard that the Federal Housing Administration (FHA) could help you take out a mortgage to fulfill your homeownership dreams. FHA loan is popular because it allows you to borrow funds to buy a home even if you don’t qualify to take out a conventional loan. Taking out an FHA loan is worth considering this year as the agency has increased the maximum loan amount you can borrow. Here are the FHA loan basics that you need to know as a first-time homebuyer: