Can anyone tell me in simple terms the good,bad,ins and outs of a FHA home mortage loan?

I’ve just been approved although my credit sucks, but they say they can tell ive been trying.
Is this a excellent loan for me?
I live in Iowa and make to much money to qualify for anything even though I am a single mom of 2.

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    3 Responses to “Can anyone tell me in simple terms the good,bad,ins and outs of a FHA home mortage loan?”

    1. BriarKat says:

      The Federal Housing Administration (FHA) – which is part of HUD – insures the loan only..they are not lenders., With an FHA mortgage, a lender can offer you a better deal like lower down payment etc. It’s ideal for those who can’t get approved for a conventional loan.

    2. Helen says:

      Hello Every body,
      I live in the US and i really have never seen goodness shown to me this much in my life as i am a struggling mum with three kids and i have been going through really rough times in my life and my name is Helen Peters and in all this hard times, a worse incident occured in my life as i lost my job which was my only means of survival and things became really terrible as i had bills to pay and my last son suffered a knee injury incurred when he fell from a tree house and the doctors informed me that he needed a surgical operation for his knee so he could walk again and at this point, life was useless to me as i have no family and no one to run to and each night, i will sit down and weep till the break of dun until one day, i read an advert on yahoo answers of man that stated that he could help people in my shoes with loans and in my desperate situation, i had no choice but i had to try and so shocking and suprising, it was like an impossibility becoming a reality, i got a loan of $60,000 USD even with my terrible credit within 48 hours and my sons surgery was done and thank GOD it was successful and now, i am okay and living in comfort with my kids and i said to my self, i have never ever seen this kind of wonder in my life and i chose i will tell it to the whole wild world and i need every one to thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family even when all hope had been lost and gone and i will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are in my former situation or require a loan legitimately, i will advice you contact this loan lender and you can reach him via patrickharvey12@yahoo.com and i want you all to pray for this man for me.

    3. Melany says:

      All mortgage loans are not made equal. If you are looking for a loan, you have probably learned the array of loan types and options. It can be confusing forthe first-time borrower

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