You can look to get a conventional loan or a sub-prime mortgage loan. You can also ask your lender for an FHA loan. Here are the many benefits.

Easier to Qualify - This is due to the fact that the FHA insures your mortgage, therefore lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit - Even if you have had bad credit, bankruptcy etc., its easier for you to qualify for an FHA loan than a conventional loan.

Low Down payment - They have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow that.

Costs Less - MFHA loans have competitive interest rates because the loans are insured by the Federal Government.

Always compare an FHA loan with other loan types.