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paul weinzimmer wrote:

what is the min credit score for getting approved for the FHA loan?

You can do a FHA purchase at a 580 middle credit score if you have 12 months of documented(canceled checks) rental history.  The rate will be awful(6%++), but you should be able to refinance for a better rate after 12 months of on time mortgage payments.  Check to see if any of your local brokers use a lender called American Financial Resources(AFR).Paul
July 14 2010

which is a better option if you qualify for both Making Home Affordable and FHA?

If your current loan does not have month mortgage insurance, then the Making Home Affordable plan will be better for you.  If you do pay monthly mortgage insurance now, then I would go with FHA at the lower rate.  The reason being that FHA's monthly mortgage insurance rate will be about the same or better than what you are paying now and you get a lower rate to boot.Paul 
July 09 2010
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July 09 2010