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With the current tightening of the credit market and the effect it is having on a borrower's ability to secure a mortgage, an FHA Loan is the best product currently available.  Here are some points of the FHA Mortgage Loan:

• No minimum credit score.
• Non-traditional credit is acceptable.
• Low 3% downpayment.
• Non-occupant, co-borrower is permitted.
• Expanded qualifying ratios.
• No prepayment penalties.
• Fully assumable.
• Default assistance.
• Lower premiums.
• Non-credit qualifying, streamline refinances.
• Availability: in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
• Versatility: may be used to purchase or refinance a new or existing one- to four-family home in urban and rural areas, including manufactured homes on permanent foundations.
• Adaptability: typically offered at terms of 15 or 30 years.
• Negotiability: interest rates are negotiated between the borrower and lender.
• Works well with state and local agency products.