FHA is a premier program for today's borrowers. There are many great opportunities to purchase or refinance with this program as you are being backed by the Mortgage Insurance pool from the government. Lenders utilize this as a very safe mortgage product.
There are straightforward guidelines for debt to income ratios BUT with compensating factors these can be overcome. A great compensating factor is more than 3 months of housing payment in reserve. Another is superb credit.
But this program will go below a 580 credit score and still get you to a 96.5% Loan to Value ratio. Remember though you have to have a clean credit history for 12 months minimum and be able to explain what happened to lower your score.
This program is also great for suberb credit as you can purchase a home combined with a NH Housing Finance Authority Grant and only have to have 1% of the purchase price come from your own funds.
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