You are ready to buy a home, you are working on your credit, now what. Now it is time to look at financing options. So the question now becomes, what type of mortgage loan can I qualify for? With all the talk of the sub-prime market going under most people think getting a mortgage is more difficult than ever. Well this is true to a certain degree. If your credit score is high enough, say mid 700s and above, you have nothing to worry about. You can qualify for almost any mortgage that is out there. There are still over 200 hundred-mortgage programs available, so you still have options.

But for the individual with credit scores in the 600s and even lower, what do you do. Well what has been said is FHA is the new sub-prime market. A couple of years ago, very few people would consider a FHA loan because the sub-prime conventional market was more appealing. Seller would turn away offers that contained FHA financing. Well not today, lets face it sellers want to sell their houses, and FHA now can be the best thing going for some people. FHA loans are government-backed loans that are very appealing to first time homebuyers. Because they are government-backed loans, some of the requirements are not as stringent as conventional loans and may be a little easier to get. But they do have their requirements and you still have to go through loan process to qualify. FHA loans have income requirements and lending requirements, so everyone may not qualify. You have to do your research.

So can you get a mortgage loan, the answer is probably yes. But talk with an experiences mortgage professional that will explain to you your options. Have them talk to you about the pros and cons of FHA and any other loan products. There are still plenty out there; you just have the find one that best fits your needs.