Federal Housing Administration (FHA) loans are a popular choice for first-time homebuyers and other borrowers who, for a variety of reasons, may have a hard time qualifying for a conventional home mortgage.

If your credit is just so-so or you're struggling to save for a down payment, an FHA loan may help you finance the home you want. These government-backed loans typically offer lower interest rates and require a minimum down payment of just 3.5%. And there's a wide range of FHA loan options to choose from.

But as with any loan, there are certain requirements borrowers have to meet to qualify for an FHA loan, and pros and cons you should know about.

Wondering if this type of financing is right for you? SoFi 's FHA loan guide can help you get the answers you need as you begin your hom

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