First Door glossary
Key terms
The friendly answer
These terms come up when buying with an FHA loan, each with a primary source. This is not a government website.
Last reviewed against the primary sources listed below.
- Principal residence
- The home you live in most of the year; FHA purchase loans require it. Source: HUD Single Family Housing Policy Handbook 4000.1
- Extenuating circumstances
- Events outside your control, like serious illness, that may shorten FHA waiting periods. Source: HUD Single Family Housing Policy Handbook 4000.1
- FHA loan limit
- The maximum FHA loan amount for a county, set by HUD each year. Source: HUD: FHA mortgage limits lookup
- Gift funds
- Money given by an eligible donor toward the down payment or costs, documented with a gift letter. Source: HUD Single Family Housing Policy Handbook 4000.1