FHA mortgage loans come in several different flavors depending on your age, assets, income, and current home equity (if any). Fixed-Rate Purchase Loan . Also known as a 203b mortgage loan, this is the most popular type of FHA purchase loan.FHA mortgage calculator definitions FHA is the loan of choice for thousands of first-time and repeat buyers each month. In 2016 alone, nearly 900,000 buyers used an FHA loan to purchase a home.Lone Star Financing is an approved FHA mortgage lender- local mortgage company with low rates and fees for Texas FHA home loans. Call or Apply Online .