Using an FHA loan to buy a home comes with pros and cons. Whether it’s the right pick for you all depends on your unique financial situation. Your credit score, how much you can afford to put toward a down payment, your income - and if you expect it to change - all play a role in which loan type is right for you.
Generally speaking, FHA loans are a good fit for home buyers who may not have the highest credit score or lowest DTI. An FHA loan can also make sense if you don’t have much money available for a lofty down payment. But bear in mind that your home will have to be FHA-approved and meet their health and safety standards.