Bad credit mortgage lenders are in more demand than ever before, yet the there don't seem to become any mortgages available for your thousands of people in America who would like to buy a house with bad credit. The economy may be within the toilet for the previous couple of years. Part of the reason why they are forced to get this agreement is really because most lenders (read small banks) are not broker friendly.
While an FHA mortgage loan may not be ideal, or even needed, for everybody it does provide lots of people with the chance to purchase their own property and so better their very own financial condition. Everyone's happy! The standard bank that granted the loan is satisfied because they will probably be receiving interest payments from me for a long time