Posted by Bud Branstetter on February 23, 1999 at 11:13:02:
I have never personally qualified for an FHA loan but the bank/mortgage company is the one doing the loan. FHA is insureing the loan. I don’t think that it would be in the best interest of the bank to appove someone with shakey credit.
The real answer is that you do not have to qualify to take over the property or the loan. So why do it. Seller wants you too? Not good enough. You can do contracts for deeds, lease options, or land trusts to probably accomplish the same thing.