If you're interested in purchasing a home, you should learn about opportunities available to you through FHA loans. An FHA loan might be the best solution for you.

The following are six indications that an FHA loan might be right for you. 

You've had trouble qualifying for a standard mortgage loan

FHA loans are designed to help Americans become homeowners. This means that FHA loans make mortgage loans accessible to people who might struggle to qualify for a standard mortgage loan. If you have credit history issues that make it challenging to qualify for a mortgage, an FHA loan might be a good option. 

The interest rates that you've been offered on mortgage loans in the past are high

Taking out a mortgage loan with a high interest rate is risky and expensive. If you have only been able to qualify for high interest mortgage loans, it's a good idea to check what kind of interest rate you can get with an FHA loan. 

You've foreclosed on a property in the recent past

Many traditional lenders are unlikely to give a mortgage loan to a consumer if they have recently foreclosed on their property. If you have foreclosed on a property in the past few years, applying for an FHA loan might make homeownership possible despite your foreclosure. 

You've declared bankruptcy in the recent past

You shouldn't assume that you can't take out a mortgage loan just because you've declared bankruptcy in the past. FHA loans are often available to those who have declared bankruptcy. 

You want to buy a home but don't have a well-established credit history

It can be challenging for those who don't have an extensive credit history to qualify for a mortgage loan. If you don't have a long credit history, an FHA loan might be more easily accessible to you than a standard mortgage loan.

You have at least 3.5 percent of the property value available for a down payment

There are certain down payment requirements you'll need to meet in order to take out an FHA loan. If your credit score is above 580, you'll need to put at least 3.5 percent of the value of the property value down to qualify for your FHA loan.

If your credit score is lower, your down payment will need to be an even higher percentage. For consumers with a credit score between 500 and 579, a down payment of at least 10 percent of the property value is necessary. 

Talk to a lender, such as Right Trac Financial, to learn more.