The Federal Reserve has repeatedly dropped interest rates in the past month - good news for anyone seeking a mortgage.(ARA) - For all the dire news coming out of the housing market, there's a big, shiny silver lining waiting for many homeowners and home buyers. The good thing about FHA mortgages is that almost anyone can get it. So if you have a satisfactory credit record, enough cash to close the loan and sufficient steady income to make monthly mortgage payments without difficulty, then you'll have no trouble getting approved for an FHA mortgage. As a rule of thumb, only people who will reside in the property are eligible for FHA-insured mortgages.
