It's interesting to see how many mortgage bankers are just now taking "FHA 101." This is a great product that most likely could have been used in place of many sub prime loans but that would have required the borrower to actually document their credit....imagine that. I have only been in the industry for 4 years now but one of the first loans I ever wrote was an FHA loan. These aren't anything new. In fact they have been around for a very long time. They still allow the borrower to contribute 3% into the transaction and that 3% can even be a gift. If your mortgage professional does not offer FHA you should definitly seek out one that does. Also be sure to ask if they can underwrite FHA in-house. That is another good indicator of whether or not that lender is just now jumping on the FHA band wagon or they have been using this great product all along. For more on FHA loans please visit http://www.justinperry.net/FHA.
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