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By Kirk Haverkamp MortgageLoan.com

Wishing you could buy a home but lack the money for a down payment? Or does bad credit prevent you from qualifying for a mortgage in the current tight lending environment? An FHA mortgage could be just the ticket for you.

With an FHA mortgage, you can put down as little as 3.5 percent for the down payment - one of the few mortgages still available that require that little. FHA mortgages also have no official credit limits, meaning home buyers with blemished credit can still obtain a mortgage so long as they have established a reasonable history of paying their bills.

With conventional lenders demanding higher credit scores and bigger down payments, it's no surprise that FHA mortgages have become extremely popular - the FHA reports that it currently accounts for about 25 percent of all new mortgages issued, up from about 3 percent a few years ago. First-time homebuyers and low-income borrowers in particular have been going the FHA route to take advantage of the current housing market's combination of sharply reduced prices and unusually low mortgage interest rates.

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If you're a first time homebuyer, you're probably wishing for a crystal ball. In the slumping home market, it's hard to know if you should make that mortgage loan purchase on a new house. Mortgage rates are low, and could possibly get lower. Is this the right time to buy?

How low can mortgage rates go? That's the big question on the mind of the typical first time homebuyer. Home values have endured a precipitous drop, and many potential buyers are eager to make that mortgage loan purchase. But how long should you wait until you make a buy?

Right now, there are some compelling reasons to consider making a home purchase.

First, mortgage rates are at historic lows. Many banks and credit unions are offering mortgage rates just slightly higher than 5 percent for a 30-year fixed-rate loan, and there's talk that the federal government may try to push mortgage loan rates down around the 4 percent.

Second, home values have already slid dramatically. Some pundits believe prices will drop even further.

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