I was just reading the question and know of only the FHA Streamline Refinance and have mentioned below some of the safeguards and advantages to this type of loan. I did not see as part of Lenny's question that is specified that Lenny was a buyer or a seller only that is the category below his name, my assumption based on the described mortgage was that he was refinancing the house.
As for buying a home there are so many directions to take based on credit scores, down payments, location of the house, and credit history with bankruptcy and foreclosure; just too many variables to touch on. Most of my loans in the past 2 years have been FHA loans, they require little down and the interest rates are very low historically; there are sometimes worries about the condition of the property but have not had issues with resolving what comes up in an appraisal. It is best to talk it out and come up with a plan for Lenny's specific needs; and I would be happy to help if called upon.
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
NMLS# 213777 AZ LO-0915068
Apply Online: http://www.mattpuzz.com