One of the most commonly asked questions among those buying homes is the definition of FHA mortgage, as well as how it differs from other types of mortgages. FHA mortgage is an insured loan designed to reduce risks of lending institutions and improve opportunities to obtain loans for buying a house. It is crucial to know what FHA mortgage is in order to know if one has all necessary qualities to qualify for it. Another question that often comes up is: What is the FHA and what is its function?