Must pay FHA mortgage insurance - both up-front as part of your closing costs and monthly as part of your monthly payment, paid for the life of the loan.
More stringent property requirements – the house must be structurally sound and meet specific standards. If it is a fixer-upper, an FHA loan might not work.
Must be your primary residence – FHA loans can not be used for vacation or investment properties.
Limited loan size – the maximum loan amount is based on the property location.