The Federal Housing Administration (FHA) has made homeownership affordable for millions of first-time and move-up buyers. FHA loans are insured by the Department of Housing and Urban Development (HUD) and are available to all buyers. FHA sets the lending guidelines and maximum loan amounts for the program. These maximum loan amounts vary by county and state. FHA loans feature low down-payments, lenient qualification guidelines and flexible credit requirements. The FHA loan program is a valued option for homebuyers unable to qualify for conventional loans with large down payments.