If you're a first-time home buyer or a buyer with a tarnished credit rating, check out the Federal Housing Administration's home mortgage program.

The FHA insures mortgages issued by private lenders. A few years ago, in the days of no-money-down loans, borrowers often avoided FHA loans because they require a minimum down payment of 3% of the purchase price.

But with most lenders now demanding a 15% to 20% down payment -- an impossibly high expense for most first-time buyers -- FHA loans have become far more attractive.

Further, it's possible to qualify for an FHA loan despite a poor credit rating linked to previous late loan payments, home foreclosure or even a bankruptcy filing. While the FHA requires all borrowers to meet minimum standards of financial reliability, it aims to help home buyers whom private lenders avoid.

FHA mortgages do carry added charges for the FHA's insurance. Currently, borrowers pay an upfront fee of 1.5% of the mortgage amount plus an annual fee of 0.5%. As of July 14, those charges will increase for many borrowers, to as much as 2.25% upfront and 0.55% a year.

Rates on FHA loans can vary from lender to lender and there are dollar limits. For the maximum FHA loan amount in your geographic area, go to www.hud.gov and look for "FHA Mortgage Limits" in the right-hand column.