This FHA loan opens up a world of homes that need remodeling that can be wrapped up into the mortgage. It is also said to "make principal" for the buyer because some of the homes might not pass normal mortgage home inspectors and the sellers can't or won't fork out the necessary money to fix the problems. This can be a real "deal" for buyers and If you want to know more then set up an appointment with me and I'll be happy to give you some guidance on it, free with no obligation.
You can call me at 850-982-1907 if you like. I am certified in this type of loan and can advise you about it. The overall process of buying a home includes the financing too. You should have a Realtor working with you with all aspects of home purchase.
You can get preapproved any time. If you do not have a Realtor yet you should begin doing research to find a great one! Interview a few and do not settle for someone - use the time you have to put together a great team!