I am a FHA borrower (1st time homebuyer), but lost my job.What are my options?

Sorry to hear about your unemployment and hope you get back on your feet sooner then later. I would first recommend calling your exsiting lender to see if they can aide you in doing a loan modification to help you keep the home. If that does not work I would get with a local real estate agent that specializes in short sales. A short sale can get rid of you home for less then what you owe! FHA has an insurance protection clause that would release you from any liability resulting from a short sale balance.