If you're currently renting the place you live in, not only are you throwing money away, you could also be spending more than you need to. It's pretty well known that mortgage payments can be much lower than rent (sometimes even by half). "But I'm broke", you say. You might think you can't afford a house because of the upfront cost, but even if you're a little strapped for cash, there are several FHA loan types that might be able to help you out.

First time home buyers

If you've never owned a home before, there are loan options geared specifically for you. As a first time buyer, you can get your dream home for as little as 3.5% down, though putting down a larger payment can often help you with the interest rate. You can also roll your upfront mortgage insurance premium into the loan.

The fixer upper

Some people just like old houses. If you've found a classic or antique home that needs a little love to get back to its former glory, or if you just found a great deal on a place that needs work, there are renovation loans available. Keep in mind though, that you typically are required to hire a licensed contractor to do the work, but not to worry, an FHA renovation loan finances the cost of repairs as well as the home purchase.

The reverse mortgage

This next on is for people who already own their home, but it's worth mentioning. If you're at least 62, you can turn the equity in your house into a steady monthly payment. The loan term ends when your house is sold.

Those are just a few of the loan options available through the FHA programs. If you've been thinking home ownership is out of your reach, think again.