Traditionally there have been 3 types of mortgage loans, Conventional, VA and FHA.
Unless you were a veteran, in which case, the VA loan would apply, traditionally FHA loans were easier to come by, had lower down payments and closing costs and were more accessible to all people.
But now with all of the defaults piling up across the nation, even FHA is changing it?s lending standards, some for the better, some not.
For a complete overview of the new FHA lending standards, check out ?The FHA?s Balancing Act? at the Washington Post.