What is the difference between an Loan and a Housing Program? What are the pros and cons of each?

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Arizona native here. I’m fairly new to the housing and credit world. So far I’m building credit and have a fair score. next on the list is to apply for a home, and I have a basic understanding of a typical Loan, and I have seen somewhere that there is FHA Loans and even in Arizona there is a Housing Program called Arizona Home in 5. What are the pros and cons of these housing programs and FHA loans?

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With an FHA loan you dont need to have as much of a down payment, but you will be required to carry private mortgage insurance (PMI).

No idea about Arizona Home in 5. I’m not in Arizona